At U.S. lender, Bank of America (NYSE:BAC), interest rates moved slightly lower on some of the adjustable rate mortgages (ARMs) on Friday. This weekend, the 5/1 ARM is carrying 2.625% in interest, down by 0.125% compared to the previous rate quote (2.750%). The 7-year adjustable rate mortgage is available at a lower rate as well, it’s coming out at 3.000%. On the other hand, the more popular fixed rate home purchase loans haven’t seen any changes at this lender on Friday. Currently, the 30-year conventional home mortgage is up for grabs at a rate of 4.125%. Those looking to obtain the 15-year home loan, may be able to lock it at a rate of 3.250%.
Turning focus to the best refinance rates at this lender, the long-term 30-year mortgage loan is published at a rate of 4.250%. The shorter-term, 15-year FRM can be secured at a rate of 3.375%. Switching to flexible refinancing options, the 7/1 ARM bears 3.250% in interest cost. BofA’s 5/1 adjustable rate loan is offered today at a rate of 2.875%. For more information on Bank of America’s latest mortgage interest rates, as well as dicount points an APR, please check the details 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%, 1.379 discount points, 4.383% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.068 discount points, 3.639% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.155 discount points, 2.917% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.217 discount points, 3.084% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.250%, 1.254 discount points, 4.500% APR
15-Year Fixed-Rate Mortgage: 3.375%, 0.795 discount points, 3.726% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 1.011 discount points, 2.994% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 0.869 discount points, 3.175% 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 weekly survey on Wednesday. According to the latest data, the Market Composite Index, which measures overall mortgage activity, dropped 2.1% on a seasonally adjusted basis in the week ended March 7. Loan applications for mortgage refinancing dipped 3%, according to the MBA’s survey. The Purchase Index, on the other hand, edged down 1% compared to the previous week’s data. The refinance share of total mortgage applications fell to 57% from the previous 58%, the MBA said.
The average contract interest rate on the 30-year fixed mortgage moved up to 4.52% from the previous 4.47% that it carried before. As far as the 15-year FRM is concerned, the average rate moved up to 3.53% from the previous 3.52%, the MBA noted.
Virginia-based mortgage-buyer, Freddie Mac announced this week that the average rate on the 30-year fixed loan ticked up to 4.37%. This is a higher interest rate compared to the previous 4.28% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage climbed to 3.38% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, it soared a couple of basis points and now it stands at 3.09%. The 1-year ARM became more attractive this week, as the average rate dipped to 2.48%, according to Freddie Mac’s survey.
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 visit the bank’s website.