One of the biggest mortgage lenders in the U.S., Bank of America (NYSE:BAC), provides several loan options under its home purchase and refinance loan programs.
One of the biggest mortgage lenders in the U.S., Bank of America (NYSE:BAC), provides several loan options under its home purchase and refinance loan programs. In today’s mortgage summary we report on the latest changes regarding BofA’s mortgage interest rates. Take note that these mortgage interest rates are subject to change without prior notice from the bank and may vary upon loan approval or disbursement. The lender’s current mortgage rates, updated for March 7, 2015, are listed below.
According to Bank of America’s updated loan information, the 30-year conventional home loan is now listed at a rate of 3.750%. This type of mortgage loan bears 3.917% by way of annual percentage rate (APR). The 15-year fixed home purchase loan is available today at a rate 3.000%. The bank’s loan information revealed that the corresponding APR on this loan is set at 3.268%.
In the refinance loan arena, the 30-year fixed mortgage demands 3.875% in interest, whilst the loan’s APR stands at 4.080%. The financial institution’s shorter-term, 15-year fixed refinance loan could be a suitable alternative for certain borrowers, as it can be obtained at a rate of 3.000% and it bears an APR variable of 3.349% as of Saturday.
Further information on fixed rate mortgages, loan assumptions and terms and conditions can be found on Bank of America’s website.
Freddie Mac, which is based in McLean, VA, reported this week, that the interest rate on the 30-year fixed loan decreased to 3.75% from the previous 3.8%. On the other hand, the interest rate on the shorter-term 15-year fixed loan edged down to 3.03% this week. Previously this type of mortgage loan averaged a rate of 3.07%, according to the organization.
Consumer financial services company, Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan increased to 3.93% this week. The interest rate on the shorter-term, 15-year mortgage grew by 1 basis point to 3.16%, according to the survey. The interest rate on the 5/1 ARM escalated in Bankrate’s survey, this type of mortgage is now standing at 3.28%.