Bank of America Refinance Mortgage Rates – 30 Year Home Loans at 4.75% as 10 Year Yield Hits Resistance Level
Posted on | March 28, 2011 | Comments Off
Last week we saw the 10 year treasury rate yield break down and drop well below its 50 day moving average but after hitting 2011 lows to 10 year treasury rate yield has rebounded and has moved all the way back up to slightly above its 50 day moving out. With this in mind it comes as no surprise to see Bank of America refinance mortgage rates move up towards 4.75% for the 30 year fixed.
The 10 year treasury rate yielding 30 year fixed mortgage rates have been on quite a wild ride during the month of March as we have seen 30 year fixed rates as low as 4.5% and as high as 4.8%. With the 10 year treasury rate yield looking to move well above its 50 day moving average it will be interesting to see what happens over the next several weeks.
As has been stated many times in the past, the overall economy looks to be getting better as the unemployment rate is below 9% and the stock market continues to make multiyear highs each and every month. These are two strong economic indicators showing that economic growth is in the very near future.
As the economy improves that will likely be the case that Americans see interest rates start to rise. Due to the fact that borrowers no longer need access to cheap rates on money the federal reserve bank will likely not take the necessary steps to keep interest rates low as they have in the recent past.
Bank of America is currently the largest mortgage lender in the country but it is important to recognize that there are many options. With over 7000 FDIC insured banks throughout the United States there is no reason to feel as if the first lender that offers a quote should be the lender that is used. It is always advisable to check the competition and see what options are available.
Author: Alan Lake
Tags: bank of america home loan rates > bank of america home loans > bank of america mortgage rates > bank of america refinance > home loan interest rates > home loan mortgage rates