Bank of America Refinance Mortgage Rates – February Home Loans Look to Move Higher to 4.85% for 30 Year Fixed
Posted on | January 31, 2011 | No Comments
Bank of America refinance mortgage rates were in a very tight range for the entire month of January as 30 year fixed home loans were between 4.55 and 4.75%. Heading into February it looks as if 30 year fixed rates will break through the top level of this tight range as home loans are around 4.85% for the 30 year fixed on the last day of the month.
Even though 30 year fixed mortgage rates are still very low when looking at the historical chart many American homeowners are hoping to save as much money as possible. Unfortunately, by continuing to wait around there is a good chance that mortgage rates could move higher as the overall economy improves.
Rather than waiting for mortgage rates to drop their many opportunities to save money by refinancing to an interest rate at the present time. The general rule of thumb is that homeowners should seek an interest rate that is one full percentage point below their current rate in order to save by going to the refinance process. By not saving this one full percentage point it is often the case that closing costs outweigh the long-term benefits.
There many financial and mortgage calculators available online to help homeowners better understand how much needs to be saved when completing the home loan refinance process. These free financial calculators can go a very long way when it comes to illustrating how much money can be saved with a specific interest rate.
Taking the time and effort to complete due diligence and homework online could prove to be very important when it comes to locking in the lowest possible interest rates. The HUD website provides valuable information on the entire refinance process which in turn could not only save a significant amount of time but money as well.
Author: Alan Lake
Tags: bank of america home loans > bank of america mortgage > bank of america mortgage rates > bank of america refinance > february home loan rates > mortgage interest rates today
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