North Carolina-based financial institution, Bank of America (NYSE:BAC) revised its home purchase and refinance loan information for Thursday, January 29. The latest information on Bank of America’s mortgage rates and APRs can be found below. Bank of America, one of the largest mortgage providers in the country, offers attractive 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 loan, may find some ideal loans at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.181 discount points, 3.683% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.319 discount points, 3.218% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.689 discount points, 3.895% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.124 discount points, 3.441% 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) disclosed the results of its latest weekly survey this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, decreased 3.2% on a seasonally adjusted basis in the week ended January 23. Loan applications for mortgage refinancing dropped 5%, according to the organization’s data. The Purchase Index declined 0.1%. The refinance share of total mortgage applications dipped to 72% from 74%, according to the MBA’s survey.
On the other hand, the share of ARMs dropped to 5.7%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 9.1% from the former 8.0% that it carried before. Now, the share of VA loan applications surged to 10.7%, according to the weekly survey. The share of USDA mortgage applications improved, these type of loans account for 0.7% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage surged by 3 basis points to 3.83%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.15%, an increase of 5 basis points, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, announced this week, that the average rate on the 30-year fixed loan ticked up to 3.66% from the previous 3.63%. On the other hand, the interest rate on the shorter-term 15-year fixed loan advanced to 2.98% this week. Previously this type of mortgage loan averaged a rate of 2.93%, according to the housing giant.
A different company, Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan decreased to 3.80% this week. Currently, the interest rate on the 30-year mortgage is 1 basis point lower compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage improved by 5 basis points to 3.13%, according to the survey. The current rate on the 5/1 adjustable rate mortgage remained firm in the company’s survey, this type of loan is now standing at 3.19%.
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 take a look at the lender’s website.