American home loan provider, Bank of America (NYSE:BAC) updated its mortgage information for May 27, 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 loan, may find some ideal loans at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 1.254 discount points, 3.947% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.740 discount points, 3.266% APR
7/1 Adjustable Rate Mortgage (ARM): 2.750%, 0.819 discount points, 3.035% APR
5/1 Adjustable Rate Mortgage (ARM): 2.500%, 1.044 discount points, 2.994% APR
30-Year Fixed-Rate Jumbo Loan: 3.625%, 1.066 discount points, 3.747% APR
15-Year Fixed-Rate Jumbo Loan: 3.125%, 0.702 discount points, 3.286% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 0.939 discount points, 4.173% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.202 discount points, 3.332% APR
7/1 Adjustable Rate Mortgage (ARM): 2.875%, 0.934 discount points, 3.101% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 0.944 discount points, 3.028% APR
30-Year Jumbo Loan: 3.875%, 0.934 discount points, 3.989% APR
15-Year Jumbo Loan: 3.250%, 1.213 discount points, 3.487% 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.
On a different note, the Mortgage Bankers Association (MBA) published 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, edged down 1.6% on a seasonally adjusted basis in the week ended May 22. Loan applications for mortgage refinancing dipped 4%, according to the organization’s data. The Purchase Index increased 1% in the said period. The refinance share of total mortgage applications declined to 51% from the previous 52%, according to the latest data. On the other hand, the share of ARMs remained unchanged at 6.4%.
The average contract interest rate on the 30-year fixed mortgage headed higher by 3 basis points to 4.07%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.29%, an increase of 3 basis points, according to the MBA’s data.
Freddie Mac, which is based in McLean, VA, announced last week, that the interest rate on the 30-year fixed mortgage sank to 3.84% from the former 3.85%. Meanwhile, the average rate on the shorter-term 15-year fixed loan edged down to 3.05% during the past week. Previously this type of mortgage loan was hovering at a rate of 3.07%, according to the housing giant.
Consumer financial services company, Bankrate also published its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage increased to 4.03% last week. The interest rate on the shorter-term, 15-year mortgage ticked up at 3.23%, according to the survey. The interest rate on the 5/1 ARM shot up in Bankrate’s latest survey, this type of mortgage is now coming out at 3.19%.
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 take a look at the financial institution’s website.