Bank of America Refinance Mortgage Rates – First Time Home Buyers Seek $8000 Tax Credit Before Friday April 30th
Posted on | April 28, 2010 | Comments Off
Bank of America refinance mortgage rates have been at very attractive levels for the entire year of 2010. Many first time home buyers are flooding the housing market as they are seeking the $8000 tax credit before the expiration of April 30th. Home buyers must be under contract by this date to qualify for the first time home buyer tax credit.
Since the beginning of the year we have seen mortgage interest rates between 4.75% and 5.15% when it comes to the 30 year fixed mortgage. When looking at the historical chart of mortgage rates you will clearly see that this is one of the lowest extended periods of time in the history of the United States housing market.
Bank of America and almost every single mortgage lender in America have benefited from this low interest-rate environment by gaining new customers. Customers have benefited by having access to lower mortgage interest rates which in turns means lower monthly mortgage payments.
Before making any final decisions when it comes to a home purchase it is very important to step back and look at the big picture. Just because home prices are low and mortgage rates are below 5% it does not mean that you can afford to buy a home.
Author: Alan Lake