Mortgage rates have been firm for most of the week at U.S. lender, Bank of America (NYSE:BAC) and today is no exception. Under the Charlotte-headquartered lender’s home loan portfolio, the 30-year fixed mortgage is quoted at a rate of 4.000%. The 15-year home mortgage has retained its rate level at 3.125%, according to our observations.
Switching to BofA’s refinancing options, the 30-year FRM, which comes with a conforming loan balance, has a lending rate of 4.125% on Thursday. Mortgage shoppers, who are interested in obtaining the 15-year fixed home refinance loan, can expect to pay 3.250% interest cost at this financial institution. Check the details below for additional information on Bank of America’s current mortgage rates, discount points and annual percentage rates (APRs).
Bank of America, one of the largest mortgage providers in the country, offers 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 mortgage, may find some ideal loan options at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.009 discount points, 4.190% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.984 discount points, 3.441% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.820 discount points, 4.300% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.942 discount points, 3.560% 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) disclosed the results of its weekly survey earlier this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, fell 2.7% on a seasonally adjusted basis in the week ended August 8. Loan applications for mortgage refinancing dipped 4%, according to the MBA’s survey. The Purchase Index, on the other hand, slipped 1% from one week earlier. The refinance share of total mortgage applications edged down to 54% from the former 55%, the MBA reported.
The average contract interest rate on the 30-year fixed mortgage remained firm at 4.35%, according to the MBA. As far as the 15-year FRM is concerned, the average rate tumbled 3 basis points to 3.48%, the MBA’s survey showed.
Virginia-based housing finance company, Freddie Mac released the results of it weekly mortgage survey on Thursday, which revealed that the average rate on the 30-year fixed mortgage eased to 4.12%. This is a slightly lower interest rate compared to the previous 4.14% that it held a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage sank to 3.24% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate tumbled to 2.97%. The average rate on the 1-year ARM drifted slightly higher and now it stands at 2.36%, according to Freddie Mac’s survey.
For additional 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 check the lender’s website.