U.S. financial institution, Bank of America (NYSE:BAC), revised its mortgage rate sheet for Tuesday, February 17. Detailed information on the bank’s latest conventional and non-conventional home loan rates and annual percentage rates (APRs) can be be found below. Bank of America, one of the largest mortgage providers in the country, offers attractive 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 lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.839 discount points, 3.912% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.684 discount points, 3.257% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 1.263 discount points, 4.074% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.825 discount points, 3.530% 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 last Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, edged down 9% on a seasonally adjusted basis in the week ended February 6. Loan applications for mortgage refinancing dropped 10%, according to the organization’s data. The Purchase Index sank 7%. The refinance share of total mortgage applications dipped to 69% from 71%, according to the latest data.
On the other hand, the share of ARMs surged to 5.7%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications soared to 14.1% from the former 13.1% that it carried before. Now, the share of VA loan applications dipped to 8.3%, according to the weekly survey. The share of USDA mortgage applications improved, these type of loans account for 0.7% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage surged by 5 basis points to 3.84%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.15%, an increase of 1 basis point, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, said last Thursday, that the interest rate on the 30-year fixed loan ticked up to 3.69% from the former 3.59%. Meanwhile, the average rate on the shorter-term 15-year fixed loan rose to 2.99% last week. A week earlier this type of mortgage loan averaged a rate of 2.92%, according to the firm.
Consumer financial services company, Bankrate also published its weekly mortgage survey, which revealed that the interest rate on the 30-year conventional loan ticked up at 3.90% last week. The interest rate on the shorter-term, 15-year mortgage escalated by 5 basis point to 3.17%, according to the survey. The interest rate on the 5/1 ARM headed higher in Bankrate’s survey, this type of mortgage is now coming out at 3.32%.
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 visit the bank’s website.