Bank of America Refinance Mortgage Rates – Home Loans Still Under 4.75% on May 27, 2010
Posted on | May 27, 2010 | Comments Off
Bank of America refinance mortgage rates continue to be very low as the 10 year treasury radio was well below its 200 day moving average. With home loans still under 4.75% many Americans are looking to save a significant amount of money on their monthly mortgage payment.
It is very important to note that not all Americans will qualify for mortgage interest rates below 5%. You will need a significant amount of equity in your home and a credit score that is above 740 to have any opportunities to lock in to low interest rates. Please understand that your interest rate will be greatly dictated by your credit score.
Before going through the refinance process it might be a very good decision to find out your credit score so you better understand what interest rate you will qualify for. Without knowing your credit score you’ll be going into this process blind and you may be surprised to find that you do not qualify for a low overall mortgage interest rate.
Many analysts have predicted that mortgage interest rates will move up as the economy recovers but this has not been the case. The European debt crisis has pushed 10 year treasury rate yields lower which in turn has decreased 30 year fixed mortgage rates as well.
Author: Jeremy North
Tags: bank of america home loans > bank of america mortgage > bank of america mortgage rates > bank of america refinance > home loan rates > home mortgage rates > mortgage rates