Bank of America Refinance Mortgage Rates – Rates Bounce Off All Time Lows
Posted on | December 6, 2009 | No Comments
Bank of America refinance mortgage rates have recently seen an all time low of 4.49%. The last weekend in November showed the 30 year fixed mortgage interest rate right at 4.49% but has recently seen a bounce. Last week we have seen the 30 year fixed mortgage rate jumped from 4.49% all the way up to 4.74%. Much of this is due to the fact that the 10 year treasury rate yield has seen a strong increase.
If the 10 year yield continued to increase throughout December than there is a good chance that we will see mortgage interest rates get very close to 5% again. No one knows if this will be the case but it is definitely a possibility. The Federal Reserve is going to continue to work to keep interest rates low so please look for mortgage interest rates to stay below 5% for quite some time.
The Federal Reserve plans to stop buying mortgage-backed securities in March of 2010 but this plan has already been extended once so do not be surprised if it happens again. There many Fed officials who have stated that they feel that the mortgage-backed security purchase program should be extended into the summer of 2010.
If the program gets extended you can expect to see mortgage interest rates stay low which should help the housing market continued to stabilize. The first-time home buyer tax credit along with low mortgage interest rates is greatly help the housing market to see stable home prices. Not all markets have seen a great stabilization but overall the United States has seen a bottoming process in the housing market.
Bank of America is set up very well to benefit from the current home loan environment. With mortgage interest rates low it is not hard to find lenders who offer low rates. Bank of America has positioned itself very well because by doing any searches on the Internet or watching any financial network you are going to see Bank of America home loan advertisements almost everywhere.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Jesse Wojdylo
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