Bank of America Refinance Mortgage Rates – 5% Home Loan Interest Rates Hit Hard on December 16, 2010
Posted on | December 16, 2010 | No Comments
Since November 1st, 2010 the 10 year treasury rate yield has accelerated much higher which is moved 30 year fixed mortgage rates up one full percentage point. In just six short weeks we have seen Bank of America refinance mortgage rates go from 4.0% all the way to 5.0%. With home loan interest rates moving up this quickly it will be very interesting to see how homeowners react.
Just a few months ago it was the case the millions of American homeowners have the opportunity to save quite a bit of extra cash by going to the refinance process. Unfortunately, that is no longer the case for a large number of households as 30 year fixed mortgage rates have moved up one full percentage point to a new multi-month high.
Bank Rate is reporting that 30 year fixed mortgage rates are as high as 5.15% and this is the highest level we have seen since before the summer of 2010. The general rule of thumb is that homeowners should save at least one full percentage point to fully benefit from the refinance process so those looking to lower their home loan interest rate must do a little bit of extra research.
Luckily, there many free resources available online that can help home owners better understand what options are available when it comes to refinance mortgage interest rates. Bank of America is currently the largest mortgage lender in the country but it is important to remember that there are multiple other options on the regional, national and local level.
With the advancements in technology is now the case that almost all mortgage lenders will contact customers via e-mail or live chat. It is no longer the case that homeowners have to call each and every mortgage lender to get an interest rate quote. It would be wise to use these free live chat services to get a better idea as to what mortgage interest rate is possible for a specific financial situation.
Author: Alan Lake
Tags: 5% mortgage rates > bank of america home loans > bank of america mortgage rates > bank of america refinance > home loan interest rates > under 5% mortgage rates
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