Bank of America Refinance Mortgage Rates – December 30 Year Fixed Home Loans Unchanged at 4.75%
Posted on | December 15, 2010 | No Comments
Bank of America refinance mortgage rates have moved up drastically over the last several weeks as the 10 year treasury rate yield has pushed above 3.25%. December 30 year fixed mortgage rates are currently around 4.75% which is the level we have seen over the last few days.
When looking to refinance a home loan at the end of 2010 or beginning of 2011 it would be wise to do research and understand that 30 year fixed rates have moved up significantly. Since the beginning of November we have seen 30 year fixed rates accelerate higher from 4.0% all the way up to 4.75%. This comes as no surprise as the 10 year treasury rate usually has a very strong correlation with the 30 year fixed conventional rate.
The as we get closer to 2011 and will likely be the case that most Americans are more concerned with traveling for the holidays or spending time with loved ones. As the Christmas holiday concludes it won’t be the case that many New Year’s resolutions are created when it relates to personal finances. A large number of American households will likely try to save as much money as possible to make 2011 a much easier year.
With this being the case it will come as no surprise to see mortgage activity greatly increase during the months of January and February. If 30 year fixed mortgage rates continue to move higher it will be very interesting to see what homeowners do as many of these individuals will not be able to save by going to the refinance process due to higher rates.
With this being the case there are some homeowners who may have to sit on a specific interest rate because refinancing would not be worth it. The general rule of thumb is that homeowners should save at least one full percentage point to cover closing costs and make sure that money is saved each and every month on a mortgage payment.
Author: Alan Lake
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance > december 30 year fixed rates > december bank of america rates > home loan mortgage rates
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