Bank of America Raises Prime Lending Rate

CHARLOTTE, N.C.-- Bank of America, N.A.,

announced today that it is raising its prime-lending rate to 6.75 percent from

6.50 percent, effective September 20, 2005.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )

(In some Bank of America loan documentation, the term "reference rate" has

been used to refer to this lending rate. The terms "prime rate" and

"reference rate" refer to the same rate.)

Bank of America is one of the world's largest financial institutions,

serving individual consumers, small and middle market businesses and large

corporations with a full range of banking, investing, asset management and

other financial and risk-management products and services. The company

provides unmatched convenience in the United States, serving 33 million

consumer relationships with more than 5,800 retail banking offices, more than

16,600 ATMs and award-winning online banking with more than 13 million active

users. Bank of America is the No. 1 overall Small Business Administration

(SBA) lender in the United States and the No. 1 SBA lender to minority-owned

small businesses. The company serves clients in 150 countries and has

relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent

of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is

listed on the New York Stock Exchange.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.