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Bank of America Refinance Mortgage Rates – Home Loan Rates Above 5%

Posted on | December 27, 2009 | No Comments

Bank of America refinance mortgage rates have recently broken the 5% level. Bank of America home loan rates are currently around 5.05% which is well above the low of 4.5% set at the end of November. At the end of November we saw all-time low mortgage interest rates as a 30 year fixed was at 4.49%. Since then rates have moved straight up; all the way above 5%. It will be very interesting to see what 2010 brings.


For quite some time Bank of America and most mortgage lenders have been advertising mortgage interest rates well below 5%. They are still advertising rates this low but there is a good chance that this is going to change in the near future. If the 30 year fixed mortgage rate continues to move up then the average mortgage rate for most lenders is going to be above 5%. This is not good news for the mortgage market as many people will be deterred from refinancing or buying a new home with higher rates.

Even though mortgage interest rates are about 5% it is still a good time to lock into a low rate. Most Americans currently hold a mortgage that is above 5% so it would greatly behoove them to refinance to a rate this low. Please understand that if you want to get a mortgage interest rate at 5% or below you are going to need a great credit score and equity in your home. If you are currently under water in your mortgage then you are not going to be able to get an interest rates this low.

Bank of America has positioned themselves very well when it comes to this low interest-rate environment. For almost any Google search you do for mortgage rates or interest rates you will see Bank of America somewhere in the search results. This means that they have worked very hard to make sure that you see them as a competitor in this field. Bank of America wants to get as many customers as possible and one of the easiest ways to do it is to increase their exposure on the Internet.

Before deciding if refinancing your current home is the right decision for you it is important to sit down and look at your current financial situation. If you are under water in your home and have several debts outstanding it might be a good idea to address those concerns before you try to refinance. If you have a great credit score and you have a solid amount of equity in your home then getting a Bank of America refinance might be a good option for you.

Author: Mike Garner



Category: bank of america mortgage rates

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