Bank of America Refinance Mortgage Rates – Home Loan Interest Rates Stable at 4.3% on November 18, 2010
Posted on | November 18, 2010 | No Comments
Over the last week we have seen 30 year fixed mortgage interest rates move up from 4% to 4.35% quite quickly. With this being the case many people looking for Bank of America refinance mortgage rates are hesitant as they would like to get the lowest rate possible. Over the last 24 hours we have seen home loan interest rates stable as they have remained around 4.3%.
As the overall economy has struggled to recover the federal reserve bank continues to take the steps to keep interest rates low. The thought is that if interest rates are low businesses and individuals will continue to borrow money which in turn should help to stimulate the economy and help with future growth.
With this being the case it is quite possible that the federal reserve bank will stop these actions as soon as the economy begins to recover. Unfortunately, it is nearly impossible to make any predictions when it comes to the overall economy the unemployment rate has remained above 9% for quite some time. As long as jobs are not created is going to be very difficult for the overall economy to grow.
With the struggling economic atmosphere that is the case that millions of Americans are looking to save money in any way possible. One way they are doing this is to take advantage of the currently low refinance mortgage rates. By reducing the home loan payment some Americans have found that they could save thousands of dollars a year which in turn could go towards other expenses.
The general rule of thumb is that homeowners must save at least a full percentage point to benefit from refinancing in the current economic environment. Bank of America is currently the largest mortgage lender and they offer many opportunities but remember that there are also many other mortgage lenders at the local, regional and national level.
Author: Mike Garner
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance > home loan interest rates > home loan mortgage rates > interest rates bank of america
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