Bank of America Refinance Mortgage Rates – Home Loans Stable Before Fed Moves
Posted on | March 13, 2010 | No Comments
Bank of America refinance mortgage rates have been very stable for much of 2010 coming in between 4.7% and 5% for the entire year. As we have seen home loans stabilize we must wonder what will happen when the Federal Reserve Bank stops purchasing mortgage backed securities at the end of March. Many analysts predict that rates could move up as much as one full percentage point when this program concludes.
Bank of America and almost all mortgage lenders have worked hard to market their home loans division during the low interest rate environment. It is important to note that it would be wise to contact many mortgage lenders rather than just contacting one or two. You may find that you get the best customer service and the best interest rate from a lender you would not have even considered going into the process.
With the 30 year fixed mortgage rate under 5% now is a great time to consider refinancing. If you have a large amount of equity in your home and a credit score that is well above 740 then you could benefit greatly from going through the refinance process. The general rule is that you must save a least one full percentage point on your home loan rate to cover the closing costs when it comes to refinancing.
Any major financial decision is extremely important in your life so make sure to step back and look at the big picture. Before jumping in headfirst make sure that it is the right time for you to refinance. Just because mortgage rates are low it does not mean that now is the right time for you to refinance.
Author: Mike Garner
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