U.S. home loan provider, Bank of America (NYSE:BAC) updated its home loan information for Thursday, June 11, which you can see below. BofA, one of the biggest 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 suitable loan solutions at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 0.664 discount points, 4.164% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.784 discount points, 3.418% APR
7/1 Adjustable Rate Mortgage (ARM): 2.750%, 1.034 discount points, 3.061% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 0.828 discount points, 3.029% APR
30-Year Fixed-Rate Jumbo Loan: 3.625%, 1.043 discount points, 3.758% APR
15-Year Fixed-Rate Jumbo Loan: 3.250%, 0.887 discount points, 3.459% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.940 discount points, 4.314% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.787 discount points, 3.544% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.972 discount points, 3.172% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 0.892 discount points, 3.077% APR
30-Year Jumbo Loan: 4.000%, 0.824 discount points, 4.120% APR
15-Year Jumbo Loan: 3.500%, 1.007 discount points, 3.731% 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) published the results of its latest weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, soared 8.4% on a seasonally adjusted basis in the week ended June 5. Loan applications for mortgage refinancing advanced 7%, according to the organization’s data. The Purchase Index edged up 10% in the said period. The refinance share of total mortgage applications remained intact at 49%, according to the MBA’s survey.
On the other hand, the share of ARMs inched up to 6.3%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications slipped to 14.3% from the previous 14.9% that it carried before. Now, the share of VA loan applications dipped to 11.5% from 12.0%, according to the weekly survey. The share of USDA mortgage applications soared in the said period, these type of loans account for 1.1% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage soared by 15 basis points to 4.17%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.37%, an increase of 10 basis points, according to the MBA’s data.
Virginia-based housing finance company, Freddie Mac announced this week, that the interest rate on the 30-year fixed mortgage sprang up to 4.04% from the former 3.87%. In addition, the interest rate on the shorter-term 15-year fixed loan rose to 3.25% during the week. Previously this type of mortgage loan averaged a rate of 3.08%, according to the housing giant.
A different company, Bankrate also published its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage increased to 4.15% during the week. The interest rate on the shorter-term, 15-year mortgage ticked up at 3.39%, according to the the latest data. The current rate on the 5/1 ARM soared in Bankrate’s latest survey, this type of loan is now hovering at 3.24%.v
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 visit the bank’s website.