Bank of America Refinance Mortgage Rates – Home Loans Continue to Drop Lower to 4.65% Today
Posted on | December 21, 2010 | No Comments
Bank of America refinance mortgage rates continue to drop as the 30 year fixed mortgages down to 4.65%. Over the last few weeks we have seen home loan interest rates and a very large range between 4.0% and 5.25%. This very volatile activity is causing many homeowners to be wary which in turn decreases the amount of mortgage applications.
The 10 year treasury rate yield has been on quite the roller coaster ride over the last few weeks which in turn has caused 30 year fixed mortgage rates to fluctuate. Before making any assumptions it is important to understand that it takes a very impressive financial history to have any opportunity to lock in the lowest possible home loan interest rates at the present time.
To receive 30 year fixed mortgage rates under 5% it generally takes a credit score above 740 and a debt to income ratio that is below 40%. Without these requirements it can be extremely difficult to login to the low mortgage rates that are being advertised on television and the Internet. Having made strong financial decisions, many Americans have positioned themselves very well.
Luckily, there are many free resources available online to help homeowners better understand what options are available at the present time. There are also many mortgage and financial calculators to help these individuals determine just how much money they can save by going to the refinance process in late 2010 or early 2011.
Remember to add closing costs into these calculations as it is often the case that closing costs can get expensive. The general rule of thumb for homeowners is that they must save at least one full percentage point to fully benefit from the refinance process. By not saving is one full percentage point it is usually the case that closing costs outweigh the savings of a lower interest rate.
Author: Alan Lake
Tags: bank of america home loans > bank of america refinance > bank of america refinance rates > home loan interest rates > home loan refinance rates > mortgage interest rates today
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