Charlotte-headquartered major mortgage lender, Bank of America (NYSE: BAC), provides various home purchase and refinance loan packages for its customers. The latest interest rate information of the mortgage loans offered by BofA can be seen below. The mortgage rate quotes are given assuming the borrower has strong credit status. The updated mortgage rates are valid for July 1, 2014.
Under the lender’s home loan program, the 30-year fixed mortgage is listed at a rate of 4.000% on Tuesday. The loan package carries 4.200% by way of annual percentage rate (APR). The 15-year fixed conventional home mortgage is published at a rate of 3.125%. The aforementioned mortgage loan has an APR variable of 3.415%.
Switching to Bank of America’s home refinance rates, the long-term 30-year fixed loan is coming out at a rate of 4.125% and the corresponding APR is set at 4.308%. On the other hand, the 15-year FRM could see balances cleared at 3.125%. The annual percentage rate on this loan stands at 3.464%, the bank’s updated mortgage information revealed.
In other mortgage-related news, Virgina-based mortgage-finance company released its weekly mortgage survey last week, which revealed that average interest rates on 30-year and 15-year fixed mortgages eased slightly. The 30-year fixed loan averaged 4.14% last week, an improvement of 3 basis points compared to the previous 4.17% that it carried in the prior week. Moreover, the average rate on the 15-year fixed mortgage dropped to 3.22% from 3.3%, an 8 basis points improvement, Freddie Mac reported.
For complete details on BofA’s current mortgage interest rates, loan assumptions and terms and conditions, please check the lender’s website.