Bank of America (NYSE: BAC) is an American multinational banking services company headquartered in Charlotte, North Carolina.
Bank of America (NYSE: BAC) is an American multinational banking services company headquartered in Charlotte, North Carolina. The lender is part of the Big Four Banks of the U.S. and is one of the major bank holding companies in the country according to total assets. The bank has just updated its mortgage interest rate information for today. The rate quotes given are liable to change without prior notice and can vary when the loan is approved or the funds are disbursed. The APR calculations were made using closing costs and discount points, assuming that the customer will conform to the loan conditions, which include lock-in periods. The latest interest rates for the lender’s mortgage loans are updated for March 18, 2014.
The standard 30-year fixed mortgage for home purchase is available on Tuesday at a rate of 4.250%. This loan package has an annual percentage rate (APR) of 4.440%. The 15-year fixed home loan can be a suitable choice for individuals preferring shorter-term deals, as it carries 3.250% interest cost. The mortgage features an APR in the form of 3.649%.
Also, the lender advertises adjustable rate mortgage (ARM) loans for people seeking more interest rate flexibility. With these mortgages, the interest rate is fixed for a specified number of years then it’s adjusted to reflect prevailing interest rates at the time of the reset. The mortgage rate for the 7/1 adjustable rate loan is offered at 3.000% and it bears 3.075% by way of APR. Others, who decide to opt for the 5/1 ARM, will encounter a rate of 2.625% and an APR variable of 2.908%.
Bank of America offers several mortgage solutions for home refinancing, including the 30-year fixed rate loan, which is published at a rate of 4.375% and comes with an APR of 4.592%. The lender’s shorter term, 15-year fixed refinance loan could be an ideal alternative for certain borrowers, as it can be secured at 3.375% and bears an APR variable of 3.738%.
Bank of America’s adjustable rate mortgage portfolio includes the flexible 7/1 ARM, which can be used to refinance an existing deal. On Tuesday, the aforementioned mortgage can be locked in at a rate of 3.250% and bears 3.165% by way of APR. The 5/1 adjustable rate loan hovers at 2.875% and it’s accompanied by an APR of 2.985%.
For more details on Bank of America’s mortgage interest rates, take a visit to the lender’s website or contact the loan officer in charge.