Bank of America Refinance Mortgage Rates – Home Loans Sideways at 4.95% on April 27th, 2010 for First Time Buyers
Posted on | April 27, 2010 | Comments Off
Bank of America refinance mortgage rates remain in a tight range between 4.85% and 5%. Over the last week we have seen home loans bounce around in this range as the 10 year treasury rate yield has found support at its 50 day moving average. Many first time home buyers are flooding the market looking for low mortgage rates. The first time home buyer tax credit will expire on April 30th, 2010 so expect to see many first time buyers looking to lock in low home loan rates.
It is very important for first time home buyers to understand that not everyone will qualify for low mortgage interest rates. You will need a credit score above 740 and a debt to income ratio that is below 40% to have the opportunity to borrow a significant amount of money at rates around the 5% range.
Bank of America and most banks and mortgage lenders have greatly benefitted from the current low interest rate environment. Bank and lenders have benefitted by gaining new customers and customers have benefitted by saving a significant amount of money on their monthly mortgage payments with low mortgage interest rates.
Author: Alan Lake