Mortgage interest rates haven’t seen any major changes at Charlotte-headquartered lender, Bank of America (NYSE:BAC) in the beginning of this week. Under its home purchase loan portfolio, the standard 30-year fixed mortgage has a lending rate of 4.125%, according to our observations. Borrowers, who are interested in obtaining BofA’s shorter-term, 15-year fixed home loan, will see it being offered at a rate of 3.250% on Monday.
Shifting to the lender’s current home refinance rates, the benchmark 30-year mortgage loan, which carries a fixed interest rate during its term, is coming out at 4.125%. The popular 15-year home refinance loan is currently advertised at a rate of 3.250% at this lender. Further information on Bank of America’s current mortgage rates, discount points and annual percentage rates (APRs) can be found below.
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 loans at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.526 discount points, 4.272% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.776 discount points, 3.531% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.156 discount points, 4.325% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.116 discount points, 3.580% 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) released the results of its weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, decreased 3.1% on a seasonally adjusted basis in the week ended May 30. Loan applications for mortgage refinancing fell 2.9%, according to the MBA’s survey. The Purchase Index, on the other hand, dipped 3.6% compared to the previous week’s data. The refinance share of total mortgage applications improved by 1% to 53%, the MBA said.
The average contract interest rate on the 30-year fixed mortgage declined to 4.26%, according to the MBA. A week earlier it stood at 4.31%. As far as the 15-year FRM is concerned, the average rate ticked down to 3.39% from the previous 3.42%.
Virginia-based housing finance company, Freddie Mac released the results of it weekly mortgage survey last week, which revealed that the average rate on the 30-year fixed mortgage climbed to 4.14%. This is a higher mortgage interest rate compared to the previous 4.12% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage advanced by 2 basis points to 3.23% last week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate improved to 2.93%. The average rate on the 1-year ARM dropped to 2.40%, 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 details on borrowing terms and conditions and loan assumptions, please head over to the bank’s website.