Bank of America Refinance Mortgage Rates – Save By Refinancing in January
Posted on | January 5, 2010 | No Comments
Bank of America refinance mortgage rates are still very attractive and you could save by refinancing in January of 2010. At the present time mortgage interest rates are around 5.05% which is very low when looking at the historical chart of mortgage rates. This is likely the change in the near future so you may want to take action today.
Recently, Morgan Stanley predicted that mortgage rates are likely to go to 7.5% or 8% in 2010. The reason they feel this is going to be the case is because the 10 year treasury rate yield is likely to accelerate higher. Since the beginning of December the 10 year yield has moved from 3.2% all the way up to 3.8%. If this trend continues you can be sure that mortgage interest rates will move up.
Bank of America is still advertising mortgage rates around 5% but please understand that this is for well-qualified homeowners. If you do not have a good credit score or equity in your home then it is highly unlikely that you will get a refinance rate around 5%. With many people having homes underwater at the present time it is becoming more and more difficult to refinance at low rates.
The only way you will know what interest rate you qualify for is to go through the mortgage application process. This process may take a little bit of extra time out of your daily life but it will be well worth it if you find you could save at least one full percentage point on your mortgage refinance rate. If this is the case there is no reason that you should not go to the refinance process soon.
With any major financial decision in your life it is extremely important to look at the situation you and your family are currently in. If you are finding that it is very difficult to make ends meet and pay bills then going through a mortgage refinance might not be a good idea. It might be a better idea to attack those bills first and then consider a refinance.
Author: Alan Lake
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