Bank of America (NYSE: BAC), which is headquartered in Charlotte, NC, is one of the prominent bank holding companies in the United States.
Bank of America (NYSE: BAC), which is headquartered in Charlotte, NC, is one of the prominent bank holding companies in the United States. The financial institution provides diverse financial and banking services and products, including mortgage loans. In today’s mortgage report we are going to disclose the current mortgage interest rates for BofA’s home purchase and refinance loan packages. Note, that the below mentioned mortgage rate quotes assume that the borrower has excellent credit. Bank of America’s published mortgage interest rates for August 21, 2014 are discussed below.
Under its conventional home loan program, Bank of America advertises the 30-year fixed mortgage at a rate of 4.000% as of today. The loan’s APR is coming out at 4.180%, according to the most up-to-date information. A shorter-term fixed rate loan alternative, the 15-year FRM is currently listed at a rate of 3.125%. The home loan’s annual percentage rate is holding firm at 3.425%.
BofA provides several options for home refinancing as well, including the 30-year fixed rate loan, which is quoted at a rate of 4.125% and features an APR of 4.291%. Those, who believe the 15-year fixed refinance loan fits the bill better, can expect to pay 3.250% in interest, whilst the corresponding APR variable stands at 3.548%.
More details on current mortgage interest rates, as well as borrowing terms and conditions can be found on BofA’s website.
Moving on to current national mortgage rates, Virginia-based housing giant Freddie Mac published its weekly mortgage survey last week, which showed that the average interest rate on the 30-year fixed loan slipped by 2 basis points to 4.12%. The company’s survey also revealed that the interest rate on the 15-year fixed mortgage fell by 3 basis points to 3.24% last week. Shifting to the 5-year Treasury-indexed hybrid adjustable rate loan, it averaged 2.97% last week, tumbling from the former 2.98% that it carried before. The 1-year ARM edged up to 2.36% last week, according to Freddie Mac’s national survey.
A consumer financial services company, Bankrate (NYSE:RATE), released the results of its latest mortgage survey last week. According to the survey’ figures, the 30-year FRM dipped to 4.27% from the previous 4.29% that it carried. The 15-year fixed mortgage loan improved to 3.39%, the company’s survey showed. With regards to the 5/1 adjustable rate mortgage, the interest rate declined to 3.32%, Bankrate announced.