Bank of America (NYSE:BAC), which is one of the biggest loan providers in the U.S., updated its mortgage information for Thursday, December 18. For updated details on the Charlotte, NC-headquartered lender’s current mortgage interest rates and APRs, please check the data below. BofA, one of the largest mortgage providers in the country, provides attractive 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 suitable mortgage products at this bank.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.728 discount points, 3.899% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.229 discount points, 3.331% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.992 discount points, 4.047% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.840 discount points, 3.525% 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) released the results of its weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, declined 3.3% on a seasonally adjusted basis in the week ended December 12. Loan applications for mortgage refinancing remained unchanged compared to prior week’s data. The Purchase Index decreased 7%. The refinance share of total mortgage applications rose to 66%, according to the latest data from the organization. This marks the highest share of refinance applications since December 2013. On the other hand, the share of ARMs sank to 6.2% from the previous 7%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications dropped to 8.7% from the former 9% that it carried before. Now, the share of VA loan applications ticked up to 10.6%, according to the weekly survey. The share of USDA mortgage applications remained firm this week, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage fell by 5 basis points to 4.06%, according to the MBA. As far as the 15-year FRM is concerned, the average rate tumbled to 3.33%, the MBA’s survey revealed.
With regards to average mortgage rates, Freddie Mac reported this week, that the interest rate on the 30-year fixed mortgage plummeted to 3.80% from the former 3.93%. On the other hand, the average rate on the shorter-term 15-year fixed mortgage slipped to 3.09% this week. Looking at the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate dipped to 2.95%. The average rate on the 1-year ARM improved to 2.38%, according to the organization’s latest data.
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.