Bank of America (BOA), the second largest multinational bank in the USA by assets, is always on priority list when it comes on taking mortgage loans. As per the latest information, once again it leads the chart of providing the mortgage loans at the lowest rate today. For 30-Year fixed rate mortgage plan, the bank suggested the interest rate of 4.000%, which makes an APR of 4.226% with discounted points as 0.261. 3.250% is set as today’s interest rate for the popular 15-Year fixed rate mortgage plan. The annual percentage rate of the plan comes out to be 3.581 %.
The bank is offering 5/1 ARM plan at the minimal rate of 2.875% with 1.022% APR and 0.266 discounted points. In refinance category, the prestigious bank would like to offer the 30-Year fixed rate loan at rates of 4.250% with annual percentage rate of 4.330%. Similarly, 5/1 ARM plan will be given at the rate of 3.375% and with an APR of 3.122%. The APR is always decided based on number of factors which includes origination fees, discount points, closing costs as well as loan fees (average). These mortgage rates can also change during the day and can differ based on your place and other terms of the bank.
Comparing it with other multinational banks such as the Wells Fargo and SunTrust, Bank of America once again is providing lowest interest rate to its valuable customers. 30-Year fixed rate mortgage is provided at the rates of 4.250% by Well Fargo, 4.375% by SunTrust bank and 4.000% by the Bank of America. Similarly, BOA managed to keep its 15-Year fixed rate mortgage loan popular amongst its customer by offering it at the rate of 3.250% whereas the same plan is offered at 3.300% and 3.375% by SunTrust and Well Fargo respectively.
Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.
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