Bank of America is one of the nation’s largest bank mortgage lenders. As of the first quarter of 2011, Bank of America is the second largest bank in the U.S. measured by total assets and one of the top five mortgage lenders. As of mid February, Bank of America mortgage rates have pulled back dramatically as bond prices have risen and interest rates have fallen.
Bank of America offers a wide range of home financing products from FHA loans to Jumbo loans as well adjustable rate mortgages and standard fixed rate home mortgages. As of February 22, 2011 Bank America mortgage rates for some of the most popular loan types includes the following rates, points and APRs:
30 year mortgage rate is at 4.875% with 0.50 points and an APR of 4.969%
20 year mortgage rate is at 4.750% with 0.75 points and an APR of 4.908%
15 year mortgage rate is at 4.125% with 1.375 points and an APR of 4.419%
10 year mortgage rate is at 4.125% with 0.00 points and an APR of 4.284%
For those home loan borrowers interested in an adjustable rate mortgage, Bank of America mortgage rates on a five year ARM is at 4.875% with 0.875 points and an APR of 3.248%.
A 30 year interest only mortgage has an interest rate of 5.375% with 1.50 points and an APR at 5.542%.
A 30 year jumbo home loan has a mortgage rate of 5.625% with 1.25 points and an APR of 5.762%.
The Bank of America mortgage rates listed are for a single family home based in Illinois with a 20% down payment and good credit. Additional mortgage rates and point options are available. Bank America mortgage rates are available for other states and regions.
Bank of America mortgage rates will fluctuate with market conditions and will vary based on the terms of the loan requested and property location.
Prospective home loan borrowers can visit a Bank of America location to apply for new home loan, apply over the phone or through the bank’s website with online mortgage application. For more information on Bank of America mortgage rates and home loan products not listed the mortgage division of the bank can be reached at 800-586-9861.
Bank America mortgage rates are just slightly higher than the average of the top ten bank mortgage lenders rates reported on July 12th. Bank America mortgage rates are quoted by geographic location and are dependent on the property type and down payment amount. More precise mortgage figures will depend on the qualifications of the borrower including the credit history and credit score.
Current mortgage rates from Bank America in Illinois include a 30 year fixed rate loan with a rate of 4.75% and 1.125 points for a 4.885% APR.
The average 30 year fixed rate home loan in the Selectcdrates.com compare mortgage rates survey on Monday was 4.75% with 0.375 points.
The 15 year fixed rate home loan from Bank America had a mortgage rate of 4.125% with 1.375 points and an APR of 4.396%.
The average 15 year fixed rate home loan in the Selectcdrates.com compare mortgage rates survey on Monday was 4.20% with 0.338 points.
The 30 year fixed FHA mortgage rate from Bank America is 4.625% and 1.25 points for a 4.77% APR.
Though Bank America mortgage rates are slightly higher than those found in the bank mortgage lender survey on the 12th of this month, in the past 3 days more than one of the top ten biggest bank mortgage lenders have increased their rates marginally.
This is a small sample of mortgage rates on the most common mortgage loans drawn from Bank of America. Additional loan programs and mortgage rate and point options are available from the bank.
The Bank America mortgage rate quotes were based on a home purchase of $325,000 with a 20% down payment. Bank mortgage rates and terms are subject to change without notice. All home loan requests would be subject to bank approval including credit and property approval. Additional fees and closing costs apply.
For additional home loan information, Bank America mortgage loan officers can be reached at 1-800-586-9861.
For more information on the mortgage rates found in the survey of the top ten bank mortagge lenders, refer to compare mortgage rates section of Selectcdrates.com.