Bank of America (NYSE:BAC), which is one of the biggest loan providers in the country, updated its mortgage information for Thursday, January 15. For current details on the North Carolina-headquartered lender’s 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 lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.375%, 0.708 discount points, 3.529% APR
15-Year Fixed-Rate Mortgage: 2.750%, 1.113 discount points, 3.077% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.239 discount points, 3.699% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.279 discount points, 3.227% 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 total mortgage application activity is concerned, the Mortgage Bankers Association (MBA) published the results of its latest weekly survey this mid-week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, edged up 49.1% on a seasonally adjusted basis in the week ended January 9. Loan applications for mortgage refinancing ticked up 66%, according to the organization’s data. Similarly, the Purchase Index climbed 24%. The refinance share of total mortgage applications increased to 71%, according to the MBA’s survey.
On the other hand, the share of ARMs ticked up to 5.9%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications tumbled to 7.5% from the former 9.3% that it carried before. Now, the share of VA loan applications slipped to 9.7%, according to the weekly survey. The share of USDA mortgage applications fell, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage dropped by 12 basis points to 3.89%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.16%, an improvement of 8 basis points, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, said on Thursday, that the average rate on the 30-year fixed loan edged down to 3.66% from the previous 3.73%. Meanwhile, the average rate on the shorter-term 15-year fixed mortgage fell to 2.98% last week. Previously this type of mortgage loan averaged a rate of 3.05%, according to Freddie Mac.
Consumer financial services company, Bankrate also published its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan tumbled to 3.80% this week. Now, the rate on the 30-year loan is 5 basis points lower compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage moved down by 5 basis points to 3.11%, according to the the latest data. The interest rate on the 5/1 adjustable rate mortgage also headed lower in the firm’s survey, this type of mortgage is now standing at 3.09%.
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 see the lender’s website.