Bank of America is one of the largest financial institutions in the world.  Therefore, Peak Personal Finance thought we would take a look at the current Bank of America mortage rates to see what kind of home loans are available in these turbulent times for the real estate market.

We looked at both Bank of America home loans for purchases and Bank of America home refinancing loans.  Here is what we found:

Bank of America Home Purchase Financing — If you are buying a home, Bank of America has a lot of financing options.  We focused on fixed-rate mortgages, because if the current mortgage crisis hasn’t taught us anything else, it has certainly underscored the dangers of Adjustable Rate Mortgages (ARMs).

• The Bank of America 15 year fixed mortgage bears an interest rate of 4.500 percent, which translates to an Annual Percentage Rate (APR) of 4.773 percent.  This Bank of America mortgage requires the payment of 1.00 points.
• The Bank of America 30 year fixed mortgage bears an interest rate of 4.875 percent, which corresponds to an APR of 5.045 percent.  This Bank of America home loan requires the payment of 1.125 points.
• The Bank of America 40 year fixed mortgage bears an interest rate of 6.000 percent, which translates to an APR of 6.144 percent.  This Bank of America mortgage also requires the payment of 1.00 points.  It’s worth noting that the interest rate difference of the 40 year fixed mortgage versus the 30 year fixed mortgage results in a higher monthly payment for the 40 year mortgage, so we’re not really sure what the point would be of having both a higher monthly payment and 10 more years of paying interest.

Bank of America Home Refinance Loans — If you are looking to refinance your home, the Bank of America home refinance loans are slightly higher than the loans to purchase a home.

• The Bank of America 15 year fixed rate refinance loan bears an interest rate of 4.625 percent, which translates to an APR of 4.899 percent.  This Bank of America mortgage requires the payment of 1.00 points.
• The Bank of America 30 year fixed rate refinance loan bears an interest rate of 5.000 percent, which corresponds to an APR of 5.172 percent.  This Bank of America home loan requires the payment of 1.125 points.
• The Bank of America 40 year fixed rate refinance loan bears an interest rate of 6.125 percent, which translates to an APR of 6.281 percent.  This Bank of America mortgage also requires the payment of 1.125 points.  Again, the higher interest rate for the 40 year home loan results in a higher monthly payment than the 30 year home loan.

A lot of these mortgage interest rates sound pretty appealing to us.  So, if you are in the market for a home purchase loan or a home refinance loan, you may want to check out the mortgage rates at Bank of America.  Be sure to check the Bank of America online banking web site, as mortgage rates can change quickly and vary by state.