Posted on | April 1, 2011 | Comments Off
Bank of America refinance mortgage rates remain a very attractive levels heading into the fourth month of the year as we are currently seeing 30 year fixed home loans around 4.75%. It is very important to realize that not all American homeowners will be able to lock into these low rates as these are only available to the best borrowers of money.
The 10 year treasury rate yield has been on quite the roller coaster ride over the last several weeks as it has dropped to 2011 while and subsequently moved higher and is now above its 50 day moving average. With the 10 year treasury rate you’ll possibly moving higher there is a very good chance that we could see interest rates start to move up in the near future.
The overall economy and unemployment rate will greatly determine where interest rates go in the near term. With the unemployment rate dropping to 8.8% and the stock market reaching multi-month highs it should come as no surprise to see many analysts making the prediction that 30 year fixed home loans will move above 5% in the very near future.
With this in mind it may be a very wise choice to do as much research as possible at the present time. Unfortunately, this low interest-rate environment will not last forever and it may be smart to take advantage of the low rates while they last. When looking to receive low-interest rates on home loan, car loan, personal loan or credit card it is important to note that a clean financial history is desirable.
But having a credit score above 740, equity in the home, and a debt to income ratio is below 40% most Americans will find that they have positioned themselves well when it comes to locking in the lowest rates from Bank of America or any other mortgage lender in the United States.
Author: Alan Lake