Bank of America is one of the nations largest financial and lending institutions. Because of their size Bank of America can offer some very competitive mortgage rates often times below the national average.
Bank of America has a system which will show you the rates for your local area. Different parts of the nation may have higher or lower interest rates than others. B of A helps you narrow down the mortgage rates to your area.
For this example I am going to use Washington State because that is where BankAim was founded.
Washington State Purchase Mortgage Rates from B of A:
- 30-Year Fixed-Rate – 4.500% with an APR of 4.656%
- 15-Year Fixed-Rate – 4.125% with an APR of 4.414%
- 3/1 ARM – 3.375% with an APR of 3.365%
- 5/1 ARM – 3.375% with an APR of 3.296%
Mortgage rates for purchases are based on 1 point which is equal to 1% of the loan size, 20% down payment and a conforming loan amount which is typically under $417,000*.
(*Conforming loan amounts may change due to the area you live.)
Washington State Refinance Mortgage Rates from B of A:
Rates for a refinance remain the same assuming you have an 80% Loan to Value(LTV) or lower, and are under the conforming loan limit for your area. These refinance rates are also based on 1 point.
For Washington State Bank of America rates are above the national average mortgage rates. Personally I know of a few mortgage brokers that can currently offer under the national average so I would definitely shop this rate around instead of going with Bank of America.
If you want to see what B of A offers in your area and read their fine print you can do that here.
Remember to check the articles date for accuracy.