Bank of America (NYSE:BAC), which is one of the largest lenders in the country, updated its mortgage information for Sunday, October 12. For updated details on the North Carolina-headquartered bank’s current mortgage interest rates and annual percentage rates (APRs), please check the data below.
The lender, which is one of the biggest mortgage originators in the country, provides 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 suitable loan solutions at this financial institution.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.800 discount points, 4.045% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.801 discount points, 3.414% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.202 discount points, 4.205% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.836 discount points, 3.545% 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 national mortgage activity is concerned, the Mortgage Bankers Association (MBA) published the results of its weekly survey this mid-week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, increased 3.8% on a seasonally adjusted basis in the week ended October 3. Loan applications for mortgage refinancing headed higher 5%, according to the MBA’s survey. The Purchase Index, on the other hand, advanced 2% last week. The refinance share of total mortgage applications is holding steady at 56%, the MBA reported. The share of ARMs rose to 7.8% from the previous 7.6% that it held in the prior week.
The average contract interest rate on the 30-year fixed mortgage slipped 3 basis points to 4.30%, according to the MBA. As far as the 15-year FRM is concerned, the average rate dipped to 3.48%, the MBA’s survey revealed.
Government-sponsored housing finance company, Freddie Mac published the results of it weekly mortgage survey on Thursday, which revealed that the average rate on the 30-year fixed mortgage plummeted to 4.12%. A week earlier the aforementioned mortgage loan averaged a lower interest rate (4.19%). On the other hand, the average rate on the shorter-term 15-year fixed mortgage eased to 3.30% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate fell slightly and now it stands at 3.05%. The average rate on the 1-year ARM hasn’t seen any changes this week, it remained at 2.42%, according to Freddie Mac’s national 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 see the bank’s website.