Bank of America Mortgage Interest Rates

Bank of America is offering some of the best mortgage interest rates that are available these days. Their mortgage interest rates are very competitive with the national average mortgage interest rates available. Today’s 30 year national average mortgage interest rates are at 4.964 percent.

Mortgage Interest Rates

Bank of America’s fixed 30 year mortgage interest rates are at 5.00 percent. We received this mortgage rate on a conforming mortgage for a home purchase in California. The discount points on this home loan was 1.125. Discount points allow you to receive a lower mortgage rate.

Discount points allow you to ”buy down” the loan rate by paying a percentage of the mortgage upfront at closing. Some banks and mortgage companies will allow you can also roll the cost of discount points into the mortgage if the LTV ratio is still acceptable to them. Most banks once again require a LTV ratio of 80%. Meaning you can’t owe more than 80% of the value of the home.

Other mortgage rate quotes we received include a 4.25% mortgage interest rate on a 15-year mortgage. The points on this home loan were also 1.125 percent. On a 5/1 adjustable rate mortgage (ARM) the rate was 4.00% with discount points at 0.87.

Bank of America is also offering their “Net 5″ mortgage with is an interest only payment adjustable rate mortgage. This mortgage product allows you to only pay interest in the first 5 years of the home loan. Most banks aren’t offering interest only home loans anymore, unlike the hay day of the housing boom when mortgage lending practices were thrown out the window.