The financial institution, one of the largest mortgage providers in the country, offers excellent mortgage interest rates under both its home purchase and refinance loan programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some ideal loan packages at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.839 discount points, 4.288% APR
15-Year Fixed-Rate Mortgage: 3.375%, 0.938 discount points, 3.668% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.250%, 0.831 discount points, 4.413% APR
15-Year Fixed-Rate Mortgage: 3.500%, 0.617 discount points, 3.745% APR
Please, bear in mind, that the present mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.
In other mortgage-related news, the Mortgage Bankers Association (MBA) disclosed the results of its weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, dipped 7.2% on a seasonally adjusted basis in the week ended September 5. Loan applications for mortgage plummeted 11%, according to the MBA’s survey. The Purchase Index, on the other hand, declined 3% from one week earlier. The refinance share of total mortgage applications tumbled by 2 percent to 55%, the MBA reported. The share of ARMs decreased to 7.5% from the previous 7.8% that it held in the prior week.
The average contract interest rate on the 30-year fixed mortgage tumbled by 2 basis points to 4.25%, according to the MBA. As far as the 15-year FRM is concerned, the average rate slipped to 3.44%, the MBA’s survey showed.
Virginia-based housing finance company, Freddie Mac published the results of it weekly mortgage survey last week, which revealed that the average rate on the 30-year fixed mortgage ticked up to 4.12%. This translates to a 2 basis points increase compared to data from the prior week. On the other hand, the average rate on the shorter-term 15-year fixed mortgage increased to 3.26% last week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate jumped to 2.99%. The average rate on the 1-year ARM headed higher by 5 basis points to 2.45%, according to Freddie Mac’s survey.
For further details on the latest home purchase and refinance mortgage interest rates at Bank of America, as well as information on borrowing terms and conditions and loan assumptions, please head over to the lender’s website.