U.S. financial institution, Bank of America (NYSE:BAC) updated its home loan information for Friday, March 27, which you can see below. BofA, one of the biggest mortgage providers in the country, provides excellent 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: 3.625%, 1.077 discount points, 3.805% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.021 discount points, 3.180% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.724 discount points, 4.028% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.761 discount points, 3.267% 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.
In other mortgage-related news, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey this mid-week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, edged up 9.5% on a seasonally adjusted basis in the week ended March 20. Loan applications for mortgage refinancing soared 12%, according to the organization’s data. The Purchase Index rose 5%. The refinance share of total mortgage applications moved up to 61% from the previous 59%, according to the MBA’s survey.
On the other hand, the share of ARMs escalated to 5.8%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications decreased to 13.3% from the former 14.3% that it carried before. Now, the share of VA loan applications decreased to 10.1%, according to the weekly survey. The share of USDA mortgage applications slipped 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 drifted lower by 9 basis points to 3.90%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.22%, a decrease of 6 basis points, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, announced on Thursday, that the average rate on the 30-year fixed loan sank to 3.69% from the previous 3.78%. Meanwhile, the average rate on the shorter-term 15-year fixed mortgage decreased to 2.97% this week. Previously this type of mortgage loan averaged a rate of 3.06%, according to Freddie Mac.
Consumer financial services company, Bankrate also released its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage declined to 3.80% during the week. The interest rate on the shorter-term, 15-year mortgage improved by 11 basis points to 3.04%, according to the survey. The interest rate on the 5/1 ARM moved lower in the company’s survey, this type of mortgage is now coming out at 3.14%.
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 bank’s website.