Bank of America Refinance Mortgage Rates – Home Loans Unchanged on March 20
Posted on | March 20, 2010 | No Comments
Bank of America refinance mortgage rates have stabilized at a low level between 4.7% and 5% for the entire year of 2010. It looks as if this trend is going to continue into April. On March 20 we are see 30 year fixed mortgage rates around 4.75% while 15 year fixed mortgage rates are coming in around 4.15%.
Bank of America continues to market their home loans division very hard as no one knows when this low interest rate environment is going to end. All mortgage lenders have greatly benefitted from this low mortgage rate environment by gaining new customers looking to buy a home or refinance.
Customers have also benefitted because they have had the opportunity to lock in to a low mortgage interest rate which in turn lowered their overall monthly mortgage payment. There are many mortgage calculators available online to help you better understand how much money you could save with lower mortgage rates.
The current low interest rate environment has lasted over 17 months but the Federal Reserve Bank remains adamant about keeping interest rates low for an extended period of time. The next few months will be very interesting as the Federal Reserve Bank plans to stop purchasing mortgage backed securities which could push mortgage rates higher.
Author: Alan Lake
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