Bank of America (NYSE:BAC), which is one of the largest lenders in the country, updated its mortgage information for Thursday, September 4. For details on the North Carolina-headquartered lender’s updated mortgage interest rates and annual percentage rates (APRs), please check the data below.
BofA, 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 options at this bank.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.174 discount points, 4.204% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.843 discount points, 3.547% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.947 discount points, 4.311% APR
15-Year Fixed-Rate Mortgage: 3.375%, 0.865 discount points, 3.676% 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.
As far as mortgage applications volume is concerned, the Mortgage Bankers Association (MBA) disclosed the results of its weekly survey earlier this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, increased 0.2% on a seasonally adjusted basis in the week ended August 29. Loan applications for mortgage refinancing ticked up 1.4%, according to the MBA’s survey. The Purchase Index, on the other hand, fell 1.5% from one week earlier. The refinance share of total mortgage applications edged up to 57% from the former 56%, the MBA noted.
The average contract interest rate on the 30-year fixed mortgage slipped to 4.25%, a 3 basis points improvement since the prior week, according to the MBA. As far as the 15-year FRM is concerned, the average rate rose to 3.48%, the MBA’s survey showed.
Virginia-based housing finance company, Freddie Mac released the results of it weekly mortgage survey on Thursday, which revealed that the average rate on the 30-year fixed mortgage stayed firm at 4.10% this week. On the other hand, the average rate on the shorter-term 15-year fixed mortgage sank by 1 basis point to 3.24% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate remained firm at 2.97% this week. The average rate on the 1-year ARM moved up to 2.40%, according to Freddie Mac’s survey.
For additional 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 check the financial institution’s website.