Bank of America is one of the largest banks in the US today. They offer many kinds of savings and lending products to its customers who are located in different parts of the country. Home mortgage is one of the most popular products of this bank. The Bank of America interest rates are very competitive and this combined with the flexible options, make it very attractive. There are many kinds of mortgages offered by Bank of America and they are 30-year fixed-rate mortgage, 20-year fixed rate mortgage, 15-year fixed rate mortgage, 10/1 adjustable rate mortgage, 7/1 adjustable rate mortgage, 5/1 adjustable rate mortgage, 3/1 adjustable rate mortgage and 1-year adjustable rate mortgage. Other than these mortgage options, Bank of America also supports the loan options of Federal Housing Administration (FHA) and Department of Veteran Affairs (VA). In addition to these different kinds of home loans, Bank fo America also offers some specialized loans like Fannie Nae Expanded approval program, Fannie Mae Flexible 97 program, interest only loans, jumbo loans and combination loans to suit different kinds of customers.
The current Bank of America mortgage rates are 5.077% APR for a 30-year fixed rate mortgage. The rates for a 3-year adjustable rate mortgage is 3.515% while it is 3.624% for a 5-year ARM. The mortgage rates at Bank of America for a 30-year fixed rate, interest only mortgage is 5.640% and for a 5-year ARM, interest only mortgage, the rates are 3.589%. These rates are pretty good and this is one of the main reasons for the popularity of Bank of America home loans.
