Bank of America Refinance Mortgage Rates – Low Home Loan Interest Rates Possibly in the Past as 10 Year Yield Moves Higher
Posted on | December 14, 2010 | No Comments
Over the last six weeks we have seen the 10 year treasury rate yield move from 2.5% all the way up to 3.3%. This has pushed Bank of America refinance mortgage rates to new multi-month highs around 4.75% for the 30 year fixed. With this being the case the low home loan interest rates that many Americans were waiting for could be a thing of the past.
Taking the time and effort to do a little bit of research on recent history when it comes to mortgage rates will help many Americans understand what we could see in January and February of 2011. As the 10 year treasury rate yield continues to move higher there is a very good chance that we could see 30 year fixed mortgage rates as high as 5% before the new year rolls around.
The federal reserve bank will have a meeting today and this could greatly determine where interest rates are headed in the near term. Each time 30 year fixed mortgage rates have moved up in the recent past is usually the case that the Federal Reserve takes the necessary steps to keep interest rates low. With this being the case there is a strong possibility that this could happen again in December.
Rather than waiting for mortgage rates to drop back to all-time lows it might be a very wise decision to take advantage of rates while they are below 5%. The general rule of thumb is that homeowners should save at least one full percentage point to benefit from the refinance process by covering closing costs and seeing savings in the near future.
When looking for the lowest home loan interest rates it is also important to remember that it takes an amazing credit score very low debt to income ratio. By making very strong financial decisions some homeowners could position themselves very well when it comes to saving money with the lowest Bank of America refinance mortgage rates available.
Author: Alan Lake
Tags: bank of america home loans > bank of america low rates > bank of america mortgage rates > bank of america refinance > home loan interest rates > home loan mortgage rates
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