Bank of America (NYSE: BAC) is an American multinational banking services company headquartered in Charlotte, NC. The financial institution is part of the Big Four Banks of the U.S. and is one of the largest bank holding companies in the country based on total assets. BofA has just updated its mortgage information for March 22, 2015, which is discussed below. Mortgage shoppers must have strong credit standing to secure these loans.
Under the bank’s home purchase mortgage portfolio, the 30-year fixed conventional loan is presently quoted at a rate of 3.625%. According to the latest loan information, this type of mortgage carries an annual percentage rate (APR) of 3.790%. Mortgage shoppers, who believe the 15-year fixed home loan is a more suitable option, may want to consider BofA’s 15-year FRM, as it looks competitive at a rate of 2.875%. The corresponding annual percentage rate is set at 3.183%, according to the latest data.
Switching to BofA’s best home refinance rates, the 30-year fixed mortgage now carries 3.750% in interest and 3.925% by way of APR. The 15-year version of the bank’s fixed refinance mortgage is offered at a rate of 3.000%, whilst the APR is quoted at 3.285%.
Head over to the lender’s website for updated mortgage loan information or contact the loan officer in charge.
Freddie Mac, which is based in McLean, VA, said this week, that the interest rate on the 30-year fixed loan improved to 3.78% from the former 3.86%. On the other hand, the interest rate on the shorter-term 15-year fixed mortgage drifted lower to 3.06% this week. A week earlier this type of mortgage loan averaged a rate of 3.10%, according to Freddie Mac.
Consumer financial services company, Bankrate also published its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage declined to 3.91% this week. The interest rate on the shorter-term, 15-year mortgage dropped by 3 basis points to 3.15%, according to the the latest data. The interest rate on the 5/1 ARM improved in the company’s survey, this type of loan is now hovering at 3.20%.