Bank of America Refinance Mortgage Rates – Home Loans Hit Interest Rates at 4.75% Going Into This Weekend
Posted on | December 10, 2010 | No Comments
Bank of America refinance mortgage rates have been going straight up since the beginning of November as the 10 year treasury rate yield has accelerated much higher. At the present time we are seeing home loan interest rates at 4.75% for the conventional 30 year fixed mortgage. If the 10 year yield continues to move up is a very good chance that we could be staring at 5% mortgage rates.
Unfortunately, this is the turning many homeowners from going to the refinance process as they can no longer save one full percentage point on their home loan interest rate. The general rule of thumb is that homeowners must say this full percentage point to fully benefit and cover closing costs.
By not saving is one full percentage point it is generally the case that homeowners will find the closing costs outweigh the benefits and it is not worth the time and effort to go through the entire refinance process. Fortunately, there are many mortgage calculators available online to help homeowners decide what interest rate would be attractive for their financial situation.
Remember that Bank of America is currently the largest mortgage lender in the country but there are a large number of options in the mortgage lender industry. By doing a little bit of extra research online almost all homeowners will find that there are local, regional and national mortgage lenders that can help them locked into rates below 5%.
Remember that it takes a credit score that is well above 740, equity in your current home, and a very low debt to income ratio to have any opportunity to refinance to rates below 5%. It is getting even harder to lock into these rates with the 10 year treasury rate yield moving higher so a more impressive financial history could be required. Making sure all bills are paid on time and in full is very important at the present time.
Author: Mike Garner
Tags: bank of america home loans > bank of america interest rates > bank of america mortgage rates > bank of america refinance > bank of america refinance rates > home loan interest rates > mortgage refinance rates
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