Bank of America Refinance Mortgage Rates – Home Loans Continue to Drop to Lows Below for 30 Year Fixed
Posted on | July 22, 2010 | Comments Off
Bank of America refinance mortgage rates are, once again, getting very close to all time lows. After the Federal Reserve Bank made the comments that they are going to keep interest rates low for an extended period of time home loans for the 30 year fixed mortgage have dropped to around 4.5%.
It is very important to remember that not all homeowners have the ability to lock in to mortgage interest rates at all time low levels. Many Americans will likely find it difficult if they have a credit score that is below 720 or they have a debt to income ratio that is currently above 40%.
If these are financial restrictions that you have then you can expect mortgage rate quotes to be somewhat higher. Just because borrowers cannot lock in to the lowest possible mortgage interest rates it does not mean that there is not money to be saved by refinancing.
The general rule of thumb is that homeowners can save by refinancing if they can lower their mortgage interest rate by one full percentage point. If borrowers cannot save one full percentage point then it will likely be the case that closing costs outweigh the benefits of refinancing.
Author: Alan Lake
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