Bank of America Refinance Mortgage Rates – Late February Home Loans at 4.95% for Well Qualified Borrowers
Posted on | February 21, 2011 | No Comments
As we are getting closer to the spring months it is the case that many American homeowners are finding that 30 year fixed mortgage rates are moving towards 5%. At the present time Bank of America refinance mortgage rates are around 4.95% for the 30 year fixed but remember that these are interest rate quotes for the best borrowers of money.
By having a credit score that is well below 740 it is very difficult to receive low-interest rate offers in the current economic environment. Most lenders require a debt to income ratio below 40%, equity in a home loan, and a very impressive credit score above 740 to have any opportunity to receive the lowest possible home loan interest rate quotes.
As we get deeper into 2011 there is a very good chance that we could see home loan interest rates start to move much higher. As the economy improves many analysts and economists have predicted that interest rates will start to move up due to the fact that 10 year treasury rate yield accelerates higher. Since 1971 the 10 year yield and 30 year fixed mortgage rates have had a very strong correlation.
With this in mind it may be a wise decision to take advantage of the current low interest rate environment while possible. Rather than hoping that mortgage rates dropped to new all-time lows it may be a very good choice to start research today and completely understand what options are available when it comes to refinancing home loan in February or March of 2011.
With the advancements in technology it is now much easier than it has ever been to do home loan research. By accessing the government HUD website millions of Americans will be able to better understand each step of the mortgage application process which in turn could help them save a significant amount of money in the long run.
Author: Mike Garner
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance rates > home loan interest rates > home loan mortgage rates > home loan rates february
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