Bank of America Refinance Mortgage Rates – Home Loan Rates at 3.85% for 15 Year Fixed Mortgage
Posted on | August 18, 2010 | No Comments
Bank of America refinance rates continue to be a very hot topic as Americans know that mortgage rates have never been these historic lows. At the present time we are seeing home loan rates at 3.85% for the 15 year fixed mortgage. For the 30 year fixed mortgage we are seeing interest rates at 4.3%. When looking at historical charts of mortgage interest rates is quite evident that we have never been this low with home loan rates.
It is very important for homeowners to understand that not all Americans can lock into 15 year fixed rates at 3.85%. It will take a very good credit score and a low debt to income ratio to have any chance to refinance at these historically low rates. With a debt to income ratio below 40% and a credit score above 740 many homeowners will position themselves very well to refinance in August of 2010.
It is always important to do research before making any major financial decision. Homeowners must understand that there are closing costs involved with the refinance process and these closing costs can sometimes outweigh the benefits. The general rule of thumb is that those looking to refinance must save at least one full percentage point to fully benefit from this process.
Author: Mike Garner
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance > home loan rates > home loan refinance > mortgage rates > mortgage refinance rates
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