Since Thursday mortgage rates haven’t seen too many changes at Charlotte, NC-based loan provider, Bank of America (NYSE:BAC). Following the improvements in rates in the first half of the week, we noticed some rather stable rate levels during the last few days at this lender. This weekend, the 30-year fixed home loan is quoted at a rate of 4.250%. The starting rate on the shorter-term, 15-year fixed mortgage hasn’t see any changes, as it still hovers at 3.375%. Turning attention to BofA’s flexible, adjustable rate loan offerings, the 7/1 ARM is coming out at a rate of 3.125%. With regards to the 5/1 adjustable rate mortgage, it can be secured at a rate of 2.750%, according to the updated mortgage information.
Refinancers may want to consider BofA’s current home refinancing options, as interest rates have remained competitive this week. Currently, the long-term, 30-year FRM is up for grabs at an interest cost equivalent to 4.375%. On the other hand, 15-year home refinance loan plans are starting at a lending rate of 3.375%, the bank’s updated data revealed. Shifting to additonal refinance mortgages options, the 7-year ARM package is available at a rate of 3.250%. Looking at Bank of America’s 5/1 adjustable rate mortgage, it could see balances cleared at a rate of 3.000%. For further details on BofA’s current home purchase and refinance mortgage rates, please check the data 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 loan options at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.250%, 0.917 discount points, 4.455% APR
15-Year Fixed-Rate Mortgage: 3.375%, 0.831 discount points, 3.711% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 1.186 discount points, 2.955% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 1.089 discount points, 3.123% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.375%, 1.171 discount points, 4.605% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.281 discount points, 3.778% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.966 discount points, 3.025% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.110 discount points, 3.184% 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) published the results of its weekly survey on Wednesday. According to the latest data, the Market Composite Index, which measures overall mortgage activity, decreased 3.5% on a seasonally adjusted basis in the week ended March 21. Loan applications for mortgage refinancing plummeted 7.7%, according to the MBA’s survey. The Purchase Index, on the other hand, increased 2.8% compared to the previous week’s data. The refinance share of total mortgage applications declined to 53% from the previous 57%, the MBA said. The ARMs share of total mortgage activity remained unchanged at 8%.
The average contract interest rate on the 30-year fixed mortgage edged up to 4.56% from the previous 4.52% that it held before. As far as the 15-year FRM is concerned, the average rate moved up to 3.62% from the former 3.52%, the MBA noted.
Virginia-based housing finance company, Freddie Mac said on Thursday that the average rate on the 30-year fixed mortgage increased to 4.40%. This is a higher interest rate compared to the previous 4.32% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage advanced to 3.42% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, it moved up a couple of basis points and now it stands at 3.10%. The average rate on the 1-year ARM eased this week, and now it’s coming out at 2.44%, 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 check the financial institution’s website.