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Fixed-Rate Mortgage & Rates

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Predictable monthly payments

A fixed-rate mortgage offers you consistency that can help make it easier for you to set a budget: Your mortgage interest rate — and your total monthly payment of principal and interest — will stay the same for the entire term of the loan.

 

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Fixed-rate mortgages are a good choice if you:

  • Think interest rates could rise in the next few years and you want to keep the current rate
  • Plan to stay in your home for many years
  • Prefer the stability of a fixed principal and interest payment that doesn’t change

Today's low ratesToday's low rates for fixed-rate mortgages for fixed-rate mortgages

Rates based on a $200,000 loan in ZIP code 92821

$60,000 - $2.5 million

5% or more of purchase price

30-year fixed layer

Rate 3.875%

APR 4.267%

Points 0.488

Monthly Payment $940

20-year fixed layer

Rate 3.000%

APR 3.369%

Points 0.873

Monthly Payment $1,381

15-year fixed layer

Rate 3.000%

APR 3.369%

Points 0.873

Monthly Payment $1,381

Mortgage rates valid as of and assume borrower has excellent credit (including a credit score of 740 or higher). Estimated monthly payments shown include principle and interest only. 5/1 ARM interest rate and payment subject to increase after 5 years. Select the About ARM rates link for important information, including estimated payments and rate adjustments.

Rates based on a $200,000 loan in ZIP code 92821

$60,000 - $2.5 million

5% or more of purchase price

 

30-year fixed layer

20-year fixed layer

15-year fixed layer

30 Year Fixed 3.875%

20 Year Fixed 3.000%

15 Year Fixed 3.000%

30 Year Fixed 4.267%

20 Year Fixed 3.369%

15 Year Fixed 3.369%

30 Year Fixed 0.488

20 Year Fixed 0.873

15 Year Fixed 0.873

30 Year Fixed $940

20 Year Fixed $1,381

15 Year Fixed $1,381

Mortgage rates valid as of and assume borrower has excellent credit (including a credit score of 740 or higher). Estimated monthly payments shown include principle and interest only. 5/1 ARM interest rate and payment subject to increase after 5 years. Select the About ARM rates link for important information, including estimated payments and rate adjustments.

Rate

The rate of interest on a loan, expressed as a percentage.

Annual percentage yield (APR)

The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.

Points

An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).

Monthly Payment (estimated)

The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change annually (after the initial period) based on any increase or decrease in the London Interbank Offered Rate (LIBOR) index.

Fixed-rate mortgage

A home loan with an interest rate that remains the same for the entire term of the loan.

Adjustable-rate mortgage (ARM)

Also called a variable-rate mortgage, an adjustable-rate mortgage (or home equity loan) has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank Offered Rate (LIBOR). Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.

Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.

Our calculator is unable to display your results

To recalculate and see results try lowering your purchase price, increasing your down payment or entering a different ZIP code. (Note: We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan types.)

Our experienced mortgage specialists are ready to help you with your financing needs:

Other types of mortgages

Adjustable-rate mortgages (ARMs)

  • Interest rate may change periodically during the loan term

  • Your monthly payment may increase or decrease based on interest rate changes

Jumbo Loans

  • For anyone needing to borrow more than $417,000

  • Available for primary residences, second or vacation homes and investment properties

FHA & VA loans

  • Government loans from the Federal Housing Administration and the U.S. Department of Veterans Affairs

  • Low down payment options with flexible credit and income guidelines

Affordable Loan Solution™ mortgage

  • Down payments as low as 3%

  • For low- and moderate-income borrowers (homebuyer education may be required)

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