One of the biggest mortgage lenders in the U.S., Bank of America (NYSE: BAC), has updated its mortgage information for today. The interest rate quotes given are liable to change without prior notice and can vary when the loan is approved or the funds are disbursed. Also, note that the below mentioned mortgage rate quotes assume that the borrowers has excellent credit. BofA’s published mortgage interest rates are valid for March 14, 2017.
Among Bank of America’s popular home loan options, borrowers can find the long-term 30-year fixed loan, which has a lending rate of 4.625% as of Tuesday. This type of conforming home loan comes with an APR of 4.792%. BofA’s 20-year fixed conventional mortgage bcan be locked in at a rate of 4.375%. The corresponding APR stands at 4.607%. Borrowers, who rather opt for the shorter-term 15-year FRM, can expect to pay 4.000% interest cost. The current annual percentage rate on this loan package is hovering at 4.336%. The lender’s flexible home loan options include the 7/1 ARM, which is available today at a rate of 3.250%, while the APR is coming out at 3.906%.
Switching to Bank of America’s home refinance rates, the long-term 30-year fixed loan is coming out at a rate of 4.625% and the corresponding APR is set at 4.781%. The 20-year version of the lender’s fixed rate refinance loan is up for grabs at a rate of 4.500%. This type of refinance loan has an APR variable of 4.688%. On the other hand, the 15-year FRM could see balances cleared at 4.125%. The annual percentage rate on this loan stands at 4.363%, the bank’s updated mortgage information revealed. Additional home refinancing options include the 10/1 ARM, which starts at a rate of 4.000%, whilst the APR is coming out at 4.195%.
The mortgage interest rates mentioned in the article are subject to change and are not guaranteed. For complete details on BofA’s current mortgage interest rates, loan assumptions and terms and conditions, please check the lender’s website.
Virginia-based housing giant, Freddie Mac announced last week, that the interest rate on the 30-year fixed mortgage escalated to 4.21% from the former 4.10% a week earlier. In addition, the average rate on the shorter-term 15-year fixed loan advanced to 3.42% during last week. Previously this type of mortgage loan was hovering at a rate of 3.32%, according to the housing giant’s latest weekly PMMS survey.