Bank of America Mortgage Rates: 5 Year ARM 3.375%

Bank of America is advertising some of the lowest mortgage rates currently available. You can receive Bank of America mortgage rate quotes for conforming mortgages, jumbo mortgages, adjustable rate mortgages, interest only mortgages and government mortgages including FHA mortgages and VA mortgages.

The mortgage rates quotes we received from Bank of America in our review are for a $400,000 home mortgage loan in the state of California for a single family home (owner-occupied). Other mortgage loan assumptions for these mortgage rates quotes include a 70 loan-to-value (LTV) and a first lien position on Bank of America's loan. Bank of America's loan quote also has a 60 day lock period.



Bank of America Mortgage Rates


The 30 year mortgage rate we received from Bank of America was 4.75 percent with 1.00 mortgage discount point. Bank of America's 30 year mortgage rate is competitive with the current national average 30 year mortgage rate of 4.61 percent.

We were also quoted a 30 year interest-only mortgage rate at 5.375 percent with 1.50 mortgage points. Interest-only mortgage rates were very popular during the housing bubble but since the housing bust have become a lot less common.

15 year mortgage rates were quoted at 4.125 percent with 1.00 mortgage discount point. The current national average 15 year mortgage rate is at 4.03 percent as of this morning.

A less common type of mortgage product but becoming more popular are 20 year mortgages. Bank of America's 20 year mortgage rate quoted to us was at 4.375 percent with 1.125 mortgage points.

Bank of America Adjustable Mortgage Rates


Adjustable mortgage rates quoted to us from Bank of Americainclude 5 year ARMs, 7 year ARMs, 10 year ARMS and 5 year interest-only ARMs. The current 5 year adjustable rate was 3.375 percent with 0.375 points. 

7 year adjustable mortgage rates were quoted at 3.625 percent with 1.125 percent.

10 year adjustable mortgage rates were quoted at 4.00 percent with 1.00 mortgage point.

5 year interest-only adjustable mortgage rates were quoted at 3.375 percent with 1.125 mortgage points.

Bank of America Government Mortgage Rates


Bank of America government mortgage rate quotes included a 30 year fixed FHA/VA mortgage rate of 4.625 percent with 1.375 mortgage points and a 15 year FHA/VA mortgage rate of 4.25 percent with 0.375 mortgage points.

You can compare Bank of America's mortgage rates with the current national average mortgage rates by using our most recent mortgage rate review below:

Mortgage Rates


30 year mortgage rates today are averaging 4.71 percent, down from last week’s average 30 year mortgage rate of 4.76 percent. 30 year refinance mortgage rates are also down averaging 4.71 percent.

Current 15 year mortgage rates are averaging 4.04 percent this week, a decline from last week’s average 15 year mortgage interest rate of 4.2o percent. Today’s 15 year mortgage refinance rates currently are also down slighlty averaging 4.04 percent this week.

Jumbo Mortgage Rates


Today’s 30 year jumbo mortgage rates are averaging 5.30 percent, up from last week’s average 30 year year jumbo mortgage rate of 5.25 percent. 30 year jumbo mortgage refinance rates are up to 5.30 percent.

15 year jumbo mortgage rates are averaging 4.81 percent, down slightly from last week’s average jumbo mortgage rate of 4.72 percent. Current 15 year jumbo refinance mortgage rates today are also down slightly averaging 4.81 percent.

Conforming Adjustable Mortgage Rates


1 year adjustable mortgage rates are averaging 3.21 percent, down considerably from last week’s average 1 year adjustable interest mortgage rate of 3.54. Current 1 year conforming adjustable refinance mortgage interest rates are also averaging 3.54 percent.

Current 3 year adjustable conventional mortgage rates are averaging 3.97 percent this week, down from the prior week’s average 3 year adjustable rate mortgage of 4.09 percent. 3 year mortgage refinance rates today are also under 4.00 percent averaging 3.97 percent.

5 year adjustable home loan mortgage rates are averaging 3.55 percent, down slighlty from the prior week’s average home loan rate of 3.57 percent. 5 year refinance home mortgage rates today are averaging 3.55 percent.

Current 7 year conventional adjustable mortgage rates are averaging 3.96 percent this week, up from last week’s average 7 year home mortgage rate of 3.90 percent. Current 7 year mortgage refinance rates today are also higher averaging 3.96 percent.

10 year adjustable mortgage rates are averaging 4.27 percent this week, up from the previous week’s average 10 year adjustable mortgage rate of 4.25 percent. Today’s 10 year home mortgage refinance rates are also higher averaging 4.27 percent.

Jumbo Adjustable Mortgage Rates


1 year jumbo adjustable mortgage loan rates today are averaging 5.35 percent, down 60 basis points from last week’s average 1 year jumbo adjustable mortgage rate of 5.95 percent. Current 1 year jumbo refinance mortgage rates today are also down to 5.35 percent.

3 year jumbo adjustable mortgage rates are averaging 4.26 percent, down from the previous week’s average jumbo interest mortgage rate of 4.55 percent. Current 3 year jumbo refinance mortgage rates are also lower, averaging 4.26 percent.

Current 5 year jumbo adjustable home mortgage rates are averaging 3.96 percent this week, down from last week’s average mortgage rate of 4.07 percent. 5 year jumbo mortgage refinance rates are also down to 3.96 percent this week.

7 year jumbo adjustable mortgage rates current are averaging 4.61 percent, down from last week’s average 7 year home mortgage rate of 4.62 percent. 7 year jumbo refinance mortgage rates today are also down to 4.61 percent.

10 year jumbo mortgage rates are averaging 5.10 percent, down from the previous week’s average 10 year jumbo home mortgage rates of 5.21 percent. Today’s 10 year jumbo home loan refinance rates are also down averaging 5.10 percent.

Interest Only Adjustable Mortgage Rates Conforming


Today’s 3 year interest only adjustable mortgage rates are averaging 4.16 percent, down from last week’s average interest only mortgage loan rate of 4.22 percent. 3 year interest only adjustable refinance mortgage rates are also lower averaging 4.16 percent.

5 year interest only adjustable mortgage rates are averaging 3.81 percent, up from last week’s average five year interest only mortgage loan rate of 3.73 percent. 5 year interest only adjustable refinance mortgage rates are also averaging 3.81 percent this week.

7 year interest only home adjustable mortgage rates currently are averaging 4.12 percent, up from last week’s average 7 year IO mortgage rate of 4.06 percent. Today’s 7 year adjustable refinance rate mortgages are higher averaging 4.12 percent.

Interest Only Adjustable Mortgage Rates Jumbo


Current 3 year jumbo interest only loan adjstuable mortgage rates are averaging 4.64 percent, down from last week’s average jumbo adjustable interest only mortgage rate of 4.94 percent. Today’s  jumbo IO adjustable refinance rates are also down averaging 4.64 percent.

5 year adjustable jumbo interest only home loan rates are at 4.30 percent, down from an average IO home mortgage rate of 4.52 percent the previous week. 5 year jumbo adjustable IO loan rates are also averaging 4.30 percent.

7 year jumbo IO adjustable mortgage rates today are averaging 4.95 percent, down from an average jumbo 7 year home mortgage rate of 4.96 percent last week. 7 year jumbo adjustable interest-only mortgage rates are also down averaging 4.95 percent.

Home Equity Loan Rates


10 year home equity loan rates are averaging 7.115 percent, unchanged from last week’s average home equity loan rate.

Today’s 15 year home equity rates are averaging 7.433 percent this week, no change from last week’s average home equity loan rate.

Home Equity Line of Credit Rates


Current average home equity line of credit rates (HELOC) are at 4.762 percent this week, down from last week’s average HELOC rate of 4.777 percent.
 
 
Author: Brian McKay
August 6th, 2010
Posted in: Bank Mortgage Rates