Bank of America Refinance Mortgage Rates – Home Loans Drop to End February
Posted on | February 24, 2010 | No Comments
Bank of America refinance mortgage rates have been very low for the entire year of 2010. To end the month of February it looks as if Bank of America home loans are going to continue to drop. At the present time the average interest rate for 30 year fixed mortgage rates is around 4.81%.
When looking at a historical chart of mortgage rates you can clearly see that we are very close to all-time lows. In fact, many analysts claim that the all-time low was set in November with 30 year fixed mortgage rates being quoted at 4.49%. Although we are above those levels now we have still been below 5% for quite some time.
It is very important to note that not everyone will qualify for a mortgage rate under 5%. You’ll need a significant amount of equity in your home and a very good credit score to have any opportunity to get a refinance rate around this level. Bank of America and most mortgage lenders will allow you to get preapproved online or over the telephone.
Bank of America has done a very good job of promoting their home loans division. In the current low interest rate environment almost all mortgage lenders are working hard to get your eyes to their website. It would be a wise decision to contact several lenders and get a competitive interest rate.
Author: Alan Lake
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