U.S. financial institution, Bank of America (NYSE:BAC), revised its mortgage rate sheet for April 12, 2015. Details on the financial institution’s conventional and non-conventional mortgage rates and annual percentage rates (APRs) can be be found below. BofA, one of the largest mortgage providers in the country, provides 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 loan packages at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.625%, 0.680 discount points, 3.785% APR
15-Year Fixed-Rate Mortgage: 2.875%, 0.860 discount points, 3.174% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.791 discount points, 4.047% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.068 discount points, 3.330% 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) disclosed the results of its latest weekly survey during this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, jumped 0.4% on a seasonally adjusted basis in the week ended April 3. Loan applications for mortgage refinancing ticked down 3%, according to the organization’s data. The Purchase Index headed higher 7%. The refinance share of total mortgage applications slipped to 57% from the previous 60%, according to the latest data.
On the other hand, the share of ARMs decreased to 5.5%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications rose to 13.2% from the former 12.8% that it carried before. Now, the share of VA loan applications escalated to 10.7%, according to the weekly survey. The share of USDA mortgage applications remained steady 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 headed lower by 3 basis point to 3.86%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.15%, a downtick of 6 basis points, according to the MBA’s survey.
Virginia-based housing finance company, Freddie Mac announced this week, that the average rate on the 30-year fixed mortgage decreased to 3.66% from the former 3.70%. In addition, the interest rate on the shorter-term 15-year fixed mortgage declined to 2.93% this week. A week earlier this type of mortgage loan was hovering at a rate of 2.98%, according to the housing giant.
Consumer financial services company, Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan is holding firm at 3.82% this week. The interest rate on the shorter-term, 15-year mortgage improved by 2 basis points to 3.04%, according to the survey. The current rate on the 5/1 ARM dropped in Bankrate’s survey, this type of loan is now hovering at 3.06%.
For further 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 visit to the bank’s website.