Bank of America (NYSE: BAC), which is headquartered in North Carolina, is one of the biggest bank holding companies in the United States.
Bank of America (NYSE: BAC), which is headquartered in North Carolina, is one of the biggest bank holding companies in the United States. BofA provides numerous financial and banking services, including home mortgage loans to borrowers, who are ablet to meet the lender’s credit requirements. In today’s mortgage report we are going to disclose the latest mortgage interest rates for BofA’s home purchase and refinance loan packages. Take note that these mortgage interest rates are subject to change without prior notice from the lender and may vary upon loan approval or disbursement. The latest interest rates for the lender’s mortgage loans are updated for June 19, 2014.
Borrowers, who are preferring to secure a long-term fixed rate home mortgage, may want to consider Bank of America’s benchmark 30-year loan, which starts at a rate of 4.000%. The corresponding annual percentage rate (APR) on this mortgage is set at 4.215%. The bank also provides the shorter-term, 15-year FRM for home purchase, which is currently available at a rate of 3.250%. The loan package carries an APR in the form of 3.528%.
Mortgage shoppers who are more interested in home refinancing options, will find a number of loan offerings at this lender. One of these options is the 30-year fixed mortgage loan, which is coming out at a rate of 4.125% and bears an APR variable of 4.321% on Thursday. The 15-year fixed counterpart, on the other hand, has a lending rate of 3.375%, whilst the APR hovers at 3.640%.
Turning focus to current national mortgage rates, Freddie Mac reported earlied today that the average mortgage rate on the 30-year fixed loan eased to 4.17% from the previous 4.2% that it had in the prior week. The interest rate dropped on the 15-year FRM as well, this type of loan averaged 3.3% this week, according to the Virginia-based housing finance company. Looking at the 5-year Treasury-indexed hybrid adjustable rate mortgage, it averaged 3% during the week, a decrease from 3.05%. As far as the 1-year ARM is concerned, the mortgage rate ticked up marginally to 2.41%, according to Freddie Mac.
Detailed information on BofA’s latest mortgage rates, loan assumptions and terms and conditions can be found on the financial institution’s website.