Bank of America Refinance Mortgage Rates – New Lows Coming
Posted on | October 5, 2009 | 3 Comments
Bank of America refinance mortgage rates could get very close to all time lows in the next few weeks. Late on Sunday evening, October 4th, several mortgage rate quotes have come in as low as 4.83%. When the average for 30 year fixed mortgage rates drops below 4.75% we will start to see a huge increase in interest for refinancing or buying a home; mortgage rates this low have never happened.
Late last week we saw Bank of America mortgage rates drop down to as low as 4.84% but they bounced right back up above 4.9%. If the 10 year treasury rate yield continues to decline as it has the last several weeks there is no reason that mortgage rates shouldn’t break through 4.75%. The one major concern about this is that the 10 year yield is sitting right on its 200 day moving average and this is likely to serve as support.
On Friday, October 2nd, the 10 year yield hit the 200 day moving average of 3.13% and bounce back to 3.22%. There is a very good chance that we could see the 3.13% level tested again early this week. With the Federal Reserve Bank still buying up US Treasuries it is hard to imagine that the yield does not test the 200 day moving average. If this does not hold as support who knows how far mortgage rates could fall.
Bank of America has positioned itself very well for the falling mortgage rates. The marketing department has went above and beyond to make sure that every Google search produces and advertisement for Bank of America Home Loans. If you have watched any financial network over the last few months you cannot watch two sets of commercials without seeing a Bank of America Home Loans commercial.
Only time will tell if this marketing plan will pay off but it is definitely making the public aware of Bank of America’s home loan division. The company has to back this up with good customer service and low interest rates to reap the benefits but they are off to a good start. If mortgage rates continue to fall Bank of America looks to gain many more customers in the near future.
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Author: Tiffany Mann
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3 Responses to “Bank of America Refinance Mortgage Rates – New Lows Coming”
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October 5th, 2009 @ 6:52 am
Why are you watching the 10 year treasury bond? MBS sets rates, not treasuries…duh…
October 6th, 2009 @ 9:45 pm
Bank of America is not going to loan anyone anything. They have the worst record for any acceptance for a mortgage or refinance.
Even if you were able to find a way to get a loan through them why would you.
They have the worst record around. The most dissatisfied customers, and charge the highest for fees.
October 8th, 2009 @ 12:28 pm
I was end up with BOFA with 5.25, But now rates are coming down. I call them to reduce to interest rate but BOFA said that My loan should be at least 6 months old. Is it True?