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Bank of America Mortgage Rates

Bank of America Mortgage Rates offer competitive advantages as they are still below the national average for most types of home loans. According to a source, the BofA rate for 30 year fixed loan remained 4.375 percent by the end of the year as compared to the national average of 4.78 percent. The same for 15 year fixed mortgage stood at 3.75 percent, several points below than the corresponding national average of 4.19 percent. The bank is expected to maintain the low interest rates in 2011 in order to attract homebuyers with reduced salaries and unsteady financial conditions. BAC offers mortgage and refinancing solutions through its subsidiary Bank of America Home Loans, earlier known as Countrywide Home Loans.

Bank of America Mortgage Rates Today

To see today's Bank of America mortgage rates you need to supply information regarding the location and the type and amount of loan you are interested in. Here is a sample of what you see when you select Los Angeles, California as location and $100,000 as the loan amount for home purchase.

Home Loan Products Interest Rate Points APRMonthly Payment
30-Year Fixed 4.500% 0.750% 4.697% $506.69
15-Year Fixed 3.750% 1.000% 4.137% $727.22
5-Year ARM 2.875% 1.125% 3.176% $414.89
5-Year ARM (Interest Only) 3.125% 0.875% 3.205% $260.42
30-Year Fixed (Interest Only) 5.000% 0.750% 5.175% $416.67

The rates shown above assume that the borrower has good credit standing and possess an escrow account to make payments for taxes and insurance. Also note that the current mortgage rates for locations in Florida, NY, VA, Texas, NC, Maryland, CT, Colorado and any other US States may be different for home purchase as well as for refinance. Jumbo loans usually have an interest rate that is higher than the conforming loans.

Bank of America Mortgage Rate Reduction

Bank of America offers step-by-step guide to choosing a loan program depending upon the budget of the homebuyer. To start with, you can use an online mortgage calculator to see if buying is right for you and if yes then how much you can afford. For home purchase there exist a rate calculator that allows you to view the interest rates applicable in your state by providing purchase price and down payment details.

There are other factors that play important roles in determining the cost of the loan. Chief among them are closing costs, lender fees, taxes and insurance. You can buy points to reduce rates but remember buying more points will increase your down payment requirements. B of A also offers mortgage loans with no points. The resources like rate history, trends and today's chart will help you decide appropriately.

Moreover, you can talk to a loan officer at 1.888.866.6702 to get assistance in choosing a loan product or call the phone number 1.800.586.9861 to obtain BofA mortgage rates today. Once you find what you are looking for call 1.800.799.2841 to lock in your rates till the time of closing.

Those existing customers having difficulty in making payments can seek modification of loan terms through programs like Bank of America Mortgage Rate Reduction Program or if eligible can go for a refinance loan at a lower rate. The BOA mortgage rate sheet is accessible online to registered wholesale lenders and mortgage brokers who can call 1.888.475.7050 for more information.


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