Bank of America (NYSE: BAC), one of the leading providers of financial and banking services in the United States, updated its home purchase and refinance interest rates for its mortgage loans. Please, bear in mind, that the current mortgage rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The lender’s latest, published mortgage interest rates for April 4, 2014 can be found below.
The starting rate on the 30-year fixed conforming loan, which mortgage can be used for home purchase, is set at 4.375% at Bank of America. The loan features an annual percentage rate (APR) variable of 4.583%. For those who are considering to take on shorter-term mortgage deals, the financial institution’s 15-year FRM could be a more suitable option, as it’s quoted at a rate of 3.375%. The current APR on this loan package hovers at 3.751%.
Contrary to fixed rate mortgages, adjustable rate loans come with more flexible conditions. The 7/1 adjustable rate loan starts at a lending rate of 3.250% and it’s accompanied by an APR variable of 3.174%. Mortgage shoppers, who are leaning toward the 5/1 ARM, can expect to pay 2.875% interest cost. With regards to the corresponding APR, it’s published at a rate of 2.988%.
Looking at the current home refinance loan options at Bank of America, the benchmark 30-year conventional mortgage can be locked in at a rate of 4.500% and it features 4.721% by way of APR. The lender’s shorter term, 15-year fixed refinance loan could be a suitable alternative for certain borrowers, as it’s listed at a rate of 3.500% and carries an annual percentage rate of 3.832%.
Individuals, who prefer more flexibility when refinancing an existing mortgage, may want to consider the lender’s 7/1 adjustable rate package, which is available today at a rate of 3.375% and has 3.241% by way of annual percentage rate. In case of the 5/1 adjustable rate loan, the bank advertises it for as low as 3.000%. The mortgage loan’s APR stands at 3.050%.
More information on BofA’s current mortgage interest rates, loan assumptions and terms and conditions can be found on the lender’s website.