Current Mortgage Rates, What do you really need to know when comparing mortgage rates? You should understand the difference between an interest rate and an annual percentage rate (APR). The mortgage interest rate is the interest rate stated on the promissory note which determines your monthly payment amount (principal and interest).
An annual percentage rate (or APR) is a measure of the total cost of credit to the consumer over the life of the loan, expressed as a yearly rate. It includes closing or settlement fees charged to the borrower in connection with the services provided by the closing agents. Lender's fees,
mortgage insurance and other closing costs (“loan fees”) are calculated into the loan amount and then spread out over the length of the loan (or the term) to reach the APR. By making estimated loan fees part of the equation, homebuyers can use APR to better see the true cost of a loan and make a better comparison between mortgage products offered by each lender. Learn more about rates, points and APR.
Our home loan rate tool will give you results for different loan types and allow you to compare interest rates, APR, points and monthly payments based on the information you entered.
Reminders about mortgage rates:
Mortgage rates can change from day to day, or may even change during the course of a day, depending on economic conditions. You can receive email notifications when Bank of America mortgage rates meet your target rate and related APR with our rate tracker.
Be sure to read the loan assumptions for any advertised mortgage rate. Know the type and term of the loan that may be offered, points, credit rating and more. You can learn about these topics in our Purchase Learning Center.
An annual percentage rate (or APR) is a measure of the total cost of credit to the consumer over the life of the loan, expressed as a yearly rate. It includes closing or settlement fees charged to the borrower in connection with the services provided by the closing agents. Lender's fees,
mortgage insurance and other closing costs (“loan fees”) are calculated into the loan amount and then spread out over the length of the loan (or the term) to reach the APR. By making estimated loan fees part of the equation, homebuyers can use APR to better see the true cost of a loan and make a better comparison between mortgage products offered by each lender. Learn more about rates, points and APR.
Our home loan rate tool will give you results for different loan types and allow you to compare interest rates, APR, points and monthly payments based on the information you entered.
Reminders about mortgage rates:
Mortgage rates can change from day to day, or may even change during the course of a day, depending on economic conditions. You can receive email notifications when Bank of America mortgage rates meet your target rate and related APR with our rate tracker.
Be sure to read the loan assumptions for any advertised mortgage rate. Know the type and term of the loan that may be offered, points, credit rating and more. You can learn about these topics in our Purchase Learning Center.
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