Bank of America Refinance Mortgage Rates – 4.75% Home Loans Much Higher as 30 Year Fixed Jumps Today
Posted on | January 20, 2011 | No Comments
Bank of America refinance mortgage rates have been around 4.6% for much of the week but today we have seen it jumped to 4.75% for the 30 year fixed home loan. Even though mortgage rates have moved up slightly in a short amount of time it is still the case that mortgage rates are very attractive to most homeowners with a very impressive credit score.
Unfortunately, many Americans have found that their credit score has dropped over the last several years as the overall economy has struggled. With anonymous one at a rate that is above 9% and many businesses laying off workers each and every day it is not easy to keep up when it comes to personal finances and paying off high interest rate debt.
For those who have done a very good job of improving your credit score or maintaining a very high credit score they will likely benefit from the current low interest rate environment. Some homeowners have found that they can save at least $100 a month on a mortgage payment but remember that there are closing costs involved in the refinance process.
The general rule of thumb is that all homeowners should desire to save at least a full percentage point to fully benefit from refinancing. By not saving one full percentage point could be the case that closing costs greatly outweigh benefits and it is very difficult to see savings within the next few years.
With this in mind it is always wise to check the competition and see what mortgage lender will offer the best opportunities. Customers may be surprised to find that their are many local and regional lenders are willing to offer great customer service to go along with low interest rates and moderate closing costs.
Author: Alan Lake
Tags: 4.75% mortgage rates > bank of america home loans > bank of america mortgage rates > bank of america rates > bank of america refinance > home loan interest rates
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