Bank of America Refinance Mortgage Rates – First Time Home Buyer Loan Rates Under 5% on April 29
Posted on | April 29, 2010 | Comments Off
Bank of America refinance mortgage rates have been low for quite some time. For the entire year of 2010 the 30 year fixed mortgage rate has been between 4.75% and 5.15%. First time home buyers are likely looking for low home loan rates as the first time home buyer tax credit is set to expire on April 30th, 2010.
On April 29th, 2010 we are seeing 30 year fixed mortgage rates around 4.9%. It is very important to understand that these rates are available only for borrowers who qualify with a great credit score and a low debt to income ratio. If you have a debt to income ratio over 40% and a credit score below 720 you are going to find it extremely difficult to qualify for low mortgage interest rates at the end of April 2010.
It will be very interesting to see what happens to home prices after the first time home buyer expires. There is little argument to be made that this tax credit has greatly helped the overall housing market and possibly propped up the market over the last few months. The new home sales data for the month of May will go a long way towards telling us where home prices are headed in the future.
Author: Jeremy North