Bank of America (NYSE: BAC), one of the leading providers of financial and banking services in the United States, just updated its mortgage information for today. Borrowers must have strong credit status to secure these mortgage loans. The following mortgage rates are valid for December 3, 2014.
Looking at the lender’s current home loan rate quotes, the 30-year fixed mortgage is published today at a rate of 3.750%. The aforementioned home mortgage comes with an annual percentage rate (APR) figure of 3.943%. Mortgage shoppers, who are interested in securing the 15-year fixed conforming home loan, will see it being offered today at a rate of 3.125%. The loan features 3.412% by way of APR, according to the bank’s latest data.
Bank of America also provides loans for home refinancing purposes including the long-term 30-year fixed conventional mortgage. This type of refinance loan carries a rate of 4.000%. The corresponding annual percentage rate on the loan is set at 4.175%. The 15-year fixed counterpart is offered at a rate of 3.250%, whilst the APR is coming out at 3.568%.
For more information on Bank of America’s current mortgage interest rates, check the lender’s website or contact the loan officer in charge.
Moving on to national mortgage rates, Freddie Mac reported last week that the average mortgage rate on the 30-year fixed loan came in at 3.97%, a downtick compared to the previous 3.99% that it had in the prior week. The interest rate hasn’t improved on the 15-year FRM last week, this type of loan remained steady at 3.17%, according to the Virginia-based housing finance company. Switching to the 5-year Treasury-indexed hybrid adjustable rate mortgage, the interest rate on this loan stayed frozen at 3.01% during last week. As far as the 1-year ARM is concerned, the mortgage rate came in at 2.44%, according to the housing giant.
A separate weekly survey from Bankrate (NYSE:RATE) released last week, showed that the 30-year FRM sank to 4.08% from the previous 4.10% that it held before. The 15-year fixed mortgage loan slipped to 3.29% this week, the company’s survey revealed. Now, looking at the 5/1 adjustable rate mortgage, the interest rate on this type of loan headed lower to 3.19%, the firm said.