Bank of America today, updated their interest rates for various mortgage and refinance loans offered by them. The interest rate for the 30 year fixed rate type mortgage loan offered by the bank is kept to be 4.125% which calculates an APR value of 4.231%. The other short term loan which is more popular among borrowers is the 15 year fixed rate type mortgage loan. The interest rate for the loan as kept by BOA recently is 3.375% yielding an APR of 3.544%.
In the other category of adjustable rate mortgage loan, popularly known as the ARM loan we have 3.250% as rate of interest for the long term 7/1 ARM loan. The APR for the loan comes out to be 3.222%. While the short term 5/1 ARM loan has an interest rate of 3.125% with the APR value coming out to be 3.06%.
In the category of refinance loans, which can be used by the borrowers to refinance any other loan taken by them, we have the 30 year fixed rate refinance loan at an interest rate of 4.250%. The APR for the long term fixed rate loan comes out to be 4.331%. The interest for the short term fixed rate refinance, that is the 15 year loan as kept by bank is 3.250% which computes an APR value of 3.577%. In the category of adjustable rate loans the short term, 5/1 ARM loan has an interest rate as 3.375% with the APR being calculated as 3.122%.
The long loan in this category which is the 7/1 ARM has the rate of interest kept as 3.375%. The APR value for the loan is calculated to be 3.293%. Borrowers, who are in search of some great deals, can check for Bank of America’s home loans as well as refinance loans, offering some ideal rate of interest.
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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