Bank of America Mortgage Rates

Bank of America is advertising some very competitive mortgage rates. We were quoted several different home loan rates for a single family home in Houston, Texas. The quote was for a refinance loan with a home value of $300,000 and a 20 percent down payment.

The mortgage quote we received for a fixed rate 30 year mortgage with 0.875 mortgage discount points was 5.00 percent with an APR of 5.126 percent. Mortgage points or discount points allows you to “pay down the rate”, in this mortgage quote, 0.875 discount points is equal to $875.00 for every $100,000 borrowed.

Looking for the today's mortgage rates to refinance or buy a new home? Use our mortgage rate tables to find today’s mortgage rates  in your state or zip code. Mortgage Interest Rates.

The home loan mortgage interest rate we were quoted is lower than the current national average mortgage rate which is currently at 5.04 percent.

We were also quoted a fixed rate conforming 15-year mortgage rate of 4.25 percent with 1.125 points. Which is lower than the average rate, 15-year mortgage rates currently are at 4.63 percent.

Bank of America’s 5-year adjustable mortgage rate is currently at 4.00 percent with 1.00 mortgage discount points. This home loan rate is lower than the national average 15 mortgage interest rate of 4.40 percent.

We are also quoted interest only 30 year mortgage rates and interest only 5 year adjustable mortgage rates, this was a change from last fall when we couldn't even get an interest only loan quote from Bank of America. The 30 year interest only mortgage rate quote was 5.375 percent with 0.875 points and the 5 year IO ARM rate quote was 4.25 percent with 1.00 point.
Author: Robert Till
January 26th, 2010
Posted in: Mortgage Rates