Bank of America Refinance Mortgage Rates – Wednesday Home Loan Interest Rates Remain at 4.6% for 30 Year
Posted on | January 19, 2011 | No Comments
For the second straight day we are seeing Bank of America refinance mortgage rates around 4.6% for the 30 year fixed. On Wednesday, January 19 the 15 year fixed rate is slightly below 4% and the 30 year fixed rate is right at 4.6%. When looking at the historical chart of mortgage interest rates it is quite obvious that we are still very close to all-time lows.
Taking advantage of the current low interest rate environment has helped many people save quite a bit of extra cash over the last several years. In fact, some homeowners have found that by refinancing home loan they can save up to $100 a month on a mortgage payment. Before assuming there is great savings to be had it is important to remember that there are closing costs involved.
The general rule of thumb is that homeowners should save at least one full percentage point on their home loan interest rate to fully benefit from the refinance process. By not saving this one full percentage point is often the case that closing costs outweigh the benefits of refinancing during the early part of 2011.
All mortgage lenders should be more than willing to sit down and explain the options available when it comes to refinancing home loan. There many mortgage and financial calculators available online to help homeowners better realize what percentage rate needs to be achieved for the refinance process to be worthwhile.
While Bank of America is currently the largest mortgage lender in the country it is very important to remember that they are not the only option. There are banks at the local, regional and national level that will offer wonderful customer assistance and very low interest rates to customers who qualify. Also remember that it takes a great financial history to qualify for low rates.
Author: Mike Garner
Tags: bank of america home loans > bank of america interest rates > bank of america mortgage rates > bank of america refinance > home loan interest rates > wednesday home loan rates
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