U.S. home loan provider, Bank of America (NYSE:BAC) updated its home loan information for March 16, 2015, which you can see below. BofA, one of the biggest 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: 3.625%, 1.411 discount points, 3.833% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.231 discount points, 3.211% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.915 discount points, 4.044% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.190 discount points, 3.330% 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.
With regards to mortgage application activity, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, plunged 1.3% on a seasonally adjusted basis in the week ended March 6. Loan applications for mortgage refinancing ticked down 3%, according to the organization’s data. The Purchase Index headed higher 2%. The refinance share of total mortgage applications dipped to 60% from the previous 62%, according to the latest data.
On the other hand, the share of ARMs rose to 5.6%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications decreased to 14% from the former 14.6% that it carried before. Now, the share of VA loan applications edged up to 10.8%, according to the weekly survey. The share of USDA mortgage applications stayed firm in the said period, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage surged by 5 basis points to 4.01%, according to the MBA. This marks the highest rate for this type of mortgage loan since the week ending January 2, 2015. As far as the 15-year FRM is concerned, the average rate is standing at 3.29%, an increase of 2 basis points, according to the MBA’s survey. The current rate on the 15-year fixed loan is the highest since the week ending December 26, 2014.
Freddie Mac, which is based in McLean, VA, said last week, that the average rate on the 30-year fixed loan increased to 3.86% from the former 3.75%. On the other hand, the average rate on the shorter-term 15-year fixed loan drifted higher to 3.10% last week. A week earlier this type of mortgage loan averaged a rate of 3.03%, according to the firm.
Consumer financial services company, Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan increased to 3.97% last week. The interest rate on the shorter-term, 15-year mortgage grew by 2 basis point to 3.18%, according to the the latest data. The current rate on the 5/1 ARM moved lower in Bankrate’s survey, this type of mortgage is now standing at 3.23%.
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 take a look at the bank’s website.