Bank of America (NYSE: BAC), which is headquartered in North Carolina, is one of the largest bank holding companies in the United States. In today’s mortgage report we are going to disclose the latest mortgage interest rates for BofA’s home purchase and refinance loan packages. Individuals must have strong credit status to obtain these loans. BofA’s updated mortgage interest rates for September 8, 2014, are discussed below.
Under the lender’s home purchase loan portfolio, the 30-year fixed mortgage is currently offered at a rate of 4.000%. The mortgage loan features 4.203% by way of annual percentage rate. Individuals, who consider to take on BofA’s 15-year fixed home mortgage, will see the interest rate coming out at 3.125% as of Monday. The corresponding APR on this mortgage stands at 3.460%.
As far as BofA’s current home refinance rates are concerned, the 30-year FRM is up for grabs at an interest cost equivalent to 4.125%. The APR is holding firm at 4.308%. Borrowers, who are interested in obtaining the 15-year fixed home refinance loan, will see the mortgage carrying 3.250% interest cost, whilst the APR is quoted at 3.585%.
Detailed information on BofA’s latest mortgage rates, loan assumptions and terms and conditions can be found on the financial institution’s website.
Moving on to current national mortgage rates, Virginia-based housing giant Freddie Mac published its weekly mortgage survey last week, which showed that the average interest rate on the 30-year fixed loan came in at 4.10%, unchanged compared to the prior week’s data. The company’s survey also revealed that the interest rate on the 15-year fixed mortgage fell by 1 basis point to 3.24% last week. Shifting to the 5-year Treasury-indexed hybrid adjustable rate loan, it averaged 2.97%, the survey showed. The average rate on the 1-year ARM increased to 2.40% last week, according to Freddie Mac’s national survey.
Another mortgage survey from consumer financial services company Bankrate (NYSE:RATE) showed, that the 30-year FRM advanced to 4.24% last week. The 15-year fixed mortgage loan fell to 3.37% last week, according to Bankrate’s survey. With regards to the 5/1 adjustable rate mortgage, the interest rate slipped by 7 basis points to 3.25%, the company reported.