Among today’s top U.S. financial institutions we can mention Bank of America (NYSE:BAC), which offers several loan options under its home purchase and refinance loan programs. In today’s mortgage summary we report on the latest changes in BofA’s mortgage interest rates. These quotes are given presuming the borrower has strong credit status. The latest interest rates for the lender’s mortgage loans are updated for November 27, 2013.
The current rate on the 30-year fixed conforming loan – which can be used for home purchase – is set at 4.375% at Bank of America. This type of fixed loan carries an APR figure of 4.568%. The 15-year FRM might be the preferred choice for certain borrowers, as it’s starting at 3.375%, according to the latest published rates from the lender. The deal bears an APR in the form of 3.765%.
Adjustable rate mortgages (ARMs) could be suitable solutions for those who need more flexibility with their loans. The 7/1 ARM can be had at 3.125% and the deal features an APR figure of 3.181%. Regarding the 5/1 alternative of this flexible loan, it’s provided at a rate of 2.625% and has an APR figure of 2.979%.
Potential customers who are more interested in home refinancing deals, will find a number of loan offers at this bank including the 30-year fixed deal which is listed at 4.375% and has an APR of 4.613%. Refinancing an existing loan with the popular 15-year FRM is also a possibility, and those who decide to go with this loan will need to pay 3.500% in interest. This mortgage loan features an annual percentage rate of 3.822%.
The 7/1 adjustable rate loan for mortgage refinancing offers more flexibility and those who decide to take on this deal, will see a rate of 3.250% and an APR variable of 3.247%. The 5/1 adjustable rate loan is starting at 2.875% and it comes with an APR of 3.062%.
For complete details on Bank of America’s latest mortgage rates, loan assumptions and terms and conditions, please check the lender’s website.