Bank of America Refinance Mortgage Rates – Fixed Home Loan Interest Rates Drop to Below 5% for 30 Year
Posted on | December 17, 2010 | No Comments
As we get closer and closer to 2011 and is the case that 30 year fixed mortgage rates have been on quite the roller coaster ride. At the present time we are seeing Bank of America refinance mortgage rates around 4.8% which is down from 5% that was quoted yesterday. Fixed home loan interest rates have followed the 10 year treasury rate yield very closely.
Since the beginning of November we have seen the 10 year treasury rate yield accelerate much higher which in turn has pushed 30 year fixed mortgage rates to new multi-month highs. Yesterday we saw a six-month high for the 30 year fixed mortgage as it broke 5% for the first time since before the summer.
As we get closer and closer to Christmas is generally the case that homeowners do not think about going to the refinance process. With just over a week left before Christmas day most people are thinking about traveling home for the holidays, spending time with their loved ones, or buying Christmas gifts for their little ones.
With this being the case it is generally a very slow month for mortgage refinance applications. In January and February of 2011 we will likely see mortgage refinance applications skyrocket due to the fact that many people will have new years resolutions related to personal finances and saving as much money as possible.
Before making any assumptions when it comes to Bank of America refinance mortgage rates it is always a wise decision to do research and understand what options are available. Sometimes it is not worth it to go through the refinance process as closing costs could outweigh benefits. With this in mind it is always smart to use a mortgage or financial calculator and see how much money needs to be saved to cover closing costs and are through with this process.
Author: Alan Lake
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance > fixed bank of america rates > fixed home loan rates > home loan interest rates
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