Bank of America Refinance Mortgage Rates – February 22 Home Loan Interest Rates at 4.85% for 30 Year Fixed
Posted on | February 22, 2011 | No Comments
Bank of America refinance mortgage rates remain a popular topic as millions of Americans are looking to save as much money as possible by lowering the monthly home loan payment. On February 22, 2011 we are seeing home loan interest rates at 4.85% for the conventional 30 year fixed mortgage. It is very important to note that this interest rate quote is only available for the best borrowers of money.
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 due to the improved economy. As the unemployment rate drops and the stock market continues to rise there is a very strong possibility that 30 year fixed mortgage rates could not only exceed 5% but they could move toward 6%.
With this in mind it may be a very good choice to start research today rather than waiting for 30 year fixed mortgage rates to drop. While Bank of America is the largest financial institution in the country it is important to recognize that there are many options on the local, regional and national level they can offer low interest rates.
To receive the lowest possible interest rates is important to have a very impressive credit score above 740, equity in the home, and a low debt to income ratio that is below 40%. Without these necessary requirements it will likely be the case that homeowners find that they receive higher interest rate quotes due to their poor financial decisions in the recent past.
Even if homeowners can not receive the lowest possible mortgage interest rates it does not mean that they cannot benefit from the low interest rate environment. By saving one full percentage point on a home loan most Americans will find that they save money on a monthly mortgage payment which in turn will greatly help them cover closing costs in the near future.
Author: Alan Lake
Tags: bank of america home loans > bank of america interest rates > bank of america mortgage rates > bank of america refinance > february 22 home loan rates > home loan interest rates
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