Charlotte-headquartered major U.S. financial institution, Bank of America (NYSE: BAC) offers various home purchase and refinance mortgage loans for potential customers. The lender updated its mortgage loan information for November 20, 2014, which is discussed below. Bear in mind, that the current mortgage rates may vary without prior notice from the financial institution and are subject to change based on location, geography and other terms and conditions.
Borrowers, who are browsing through current home purchase loan rates at top lenders, will see BofA’s 30-year fixed mortgage being advertised at a rate of 3.875% on Thursday. The loan package is accompanied by an APR figure of 4.034%. The 15-year home purchase loan is up for grabs at an interest cost equivalent to 3.125%. The aforementioned home loan comes with an APR of 3.391%, the bank’s updated loan information showed.
Turning attention to BofA’s current refinance mortgage rates, the long-term 30-year fixed loan is listed at a rate of 4.000%, under the lender’s home refinance loan portfolio. The annual percentage rate on this mortgage loan is holding firm at 4.186%. The shorter-term, 15-year refinance loan alternative starts at a rate of 3.250% and carries 3.557% by way of APR.
Additional information on the latest mortgage rates, loan assumptions and terms and conditions are available on the bank’s website.
With regards to national mortgage rates, government-sponsored housing finance company, Freddie Mac reported last week, that the average rate on the 30-year fixed mortgage decreased to 4.01%. A week earlier this type of loan carried a slightly higher interest rate (4.02%). The same can be said about the 15-year FRM, as the average rate on this loan now hovers at 3.20%, an improvement of 1 basis point compared to data from a week earlier.
A consumer financial services company, Bankrate (NYSE:RATE), disclosed the results of its latest mortgage survey last week. According to the survey’s figures, the 30-year FRM came in at 4.13%, a downtick from 4.14% that it carried before. The 15-year fixed mortgage loan dipped to 3.32%, the company’s survey showed. Now, the interest rate on the 5/1 adjustable rate mortgage increased to 3.22%, according to the latest data.