Back on Wednesday, mortgage interest rates headed higher following the release of the second quarter’s GDP data. According to the latest figures, the U.S. economy grew at a seasonally adjusted 4% in Q2, which is a better reading than economists’ expectations (a 3% growth). This caused weakness in the secondary market and as a consequence mortgage rates edged rapidly higher.
Now, as far as Bank of America’s (NYSE:BAC) current mortgage interest rates are concerned, the Charlotte-headquartered lender offers the 30-year home purchase loan for as low as 4.125% on Thursday. The current rate on the loan is higher than the previous quoted rate (4.000%) from Wednesday. The 15-year home purchase loan is coming out at 3.250%, an uptick compared to yesterday’s rate level (3.125%).
Shifting to BofA’s home refinancing options, the 30-year refinance loan can be locked in at a rate of 4.250%, a higher interest rate compared to the former 4.125% that it had earlier this week. The lender also raised the starting rate on the 15-year home refinance mortgage, which is now published at 3.375%. For more information on today’s mortgage rates, discount points and annual percentage rates (APRs), please check the details below.
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 loan, may find some suitable mortgage options at this bank.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.969 discount points, 4.299% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.183 discount points, 3.578% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.250%, 0.788 discount points, 4.409% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.122 discount points, 3.694% 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 on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, fell 2.2% on a seasonally adjusted basis in the week ended July 25. Loan applications for mortgage refinancing tumbled 4%, according to the MBA’s survey. The Purchase Index, on the other hand, climbed 0.2% from one week earlier. The refinance share of total mortgage applications drifted lower to 53% from the former 54%, the MBA said.
The average contract interest rate on the 30-year fixed mortgage remained unchanged at 4.33% for the third straight week, according to the MBA. As far as the 15-year FRM is concerned, the average rate hasn’t seen any changes, it still hovers at 3.47%, the MBA’s survey showed.
Virginia-based housing finance company, Freddie Mac published the results of it weekly mortgage survey on Thursday, which showed that the average rate on the 30-year fixed mortgage eased to 4.12%. This is a tad lower interest rate compared to the previous 4.13% that it had a week earlier. On the other hand, the average rate on the shorter-term 15-year fixed mortgage slipped to 3.23% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate increased to 3.01%. The average rate on the 1-year ARM decreased to 2.38% this week, according to Freddie Mac’s data.
For more 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 lender’s website.