Mortgage interest rates remained at low levels at the majority of U.S. lenders on Friday, July 11. According to our observations, mortgage closing costs edged slightly lower at some lenders, which makes current loan options more attractive for potential borrowers.
As far as Bank of America’s (NYSE:BAC) current mortgage interest rate are concerned, the 30-year fixed home purchase loan carries 4.000% in interest on Friday. The 15-year conforming home loan retained its rate level at 3.125%, according to the lender’s updated loan information. With regards to BofA’s latest refinance mortgage rates, the 30-year FRM is quoted at a rate of 4.125%, unchanged since yesterday. Also looking firm is the popular 15-year home refinance loan, as it can be secured at a rate of 3.125%. Below you can find additional information on Bank of America’s current mortgage loan options.
Bank of America, one of the country’s largest mortgage provider, offers excellent interest rates under both its home purchase and refinance mortgage 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%, 1.177 discount points, 4.201% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.739 discount points, 3.398% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.814 discount points, 4.296% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.108 discount points, 3.451% 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 on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, rose 1.9% on a seasonally adjusted basis in the week ended July 4. Loan applications for mortgage refinancing increased 0.4%, according to the MBA’s survey. The Purchase Index, on the other hand, advanced 3.7% compared to the previous week’s data. The refinance share of total mortgage applications ticked down by 1% to 52%, the MBA reported.
The average contract interest rate on the 30-year fixed mortgage climbed to 4.32%, according to the MBA. A week earlier it stood at 4.28%. As far as the 15-year FRM is concerned, the average rate declined to 3.40% from the previous 3.40%.
Virginia-based housing finance company, Freddie Mac published the results of it weekly mortgage survey on Thursday, which showed that the average rate on the 30-year fixed mortgage climbed to 4.15%. This is a slightly higher mortgage interest rate compared to the previous 4.12% that it had in the prior week. On the other hand, the average rate on the shorter-term 15-year fixed mortgage increased to 3.24% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate ticked up to 2.99%. The average rate on the 1-year ARM rose to 2.40% this week, according to Freddie Mac’s data.
For more 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 financial institution’s website.