U.S. financial institution, Bank of America (NYSE:BAC), revised its mortgage rate sheet for Thursday, September 18. 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 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 loan products at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.095 discount points, 4.310% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.126 discount points, 3.697% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.250%, 1.100 discount points, 4.436% APR
15-Year Fixed-Rate Mortgage: 3.500%, 0.806 discount points, 3.774% 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 weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, surged 7.9% on a seasonally adjusted basis in the week ended September 12. Loan applications for mortgage refinancing soared 10%, according to the MBA’s survey. The Purchase Index, on the other hand, increased 5% from one week earlier. The refinance share of total mortgage applications edged up by 2 percent to 57%, the MBA reported. The share of ARMs rose to 7.6% from the previous 7.5% that it held in the prior week.
The average contract interest rate on the 30-year fixed mortgage advanced by 9 basis points to 4.36%, according to the MBA. As far as the 15-year FRM is concerned, the average rate surged to 3.56%, 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 jumped to 4.23%. This translates to a 11 basis points uptick compared to data from the prior week. On the other hand, the average rate on the shorter-term 15-year fixed mortgage shot up to 3.37% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate drifted higher to 3.06%. The average rate on the 1-year ARM improved by 2 basis points to 2.43%, according to Freddie Mac’s latest weekly survey.
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 look at the lender’s website.