Bank of America Refinance Mortgage Rates – Home Loan Interest Rates Dip Before Federal Reserve Bank Decision on April 27
Posted on | April 27, 2011 | Comments Off
On April 27th, 2011 the United States of America will better understand the future of monetary policy as the Federal Reserve Bank will determine if there will be more quantitative easing in the near future. With this in mind many Americans are seeking Bank of America refinance mortgage rates today as they realize home loan interest rates are sure to be very volatile over the next several weeks.
At the present time we are seeing 30 year fixed home loan mortgage rates at 4.6% were well qualified homeowners. It is very important to recognize that only the best borrowers of money with a credit score above 740 and a debt to income ratio below 40% will have many opportunities the lock-in to these low rates and the current economic environment.
As we get closer to the summer of 2011 there is a very good chance that we could see interest rates rise as the overall economy improves. With the 10 year treasury rate yield below its 50 day moving average many Americans have benefited from low interest rates but as the unemployment rate drops in the stock market rises there’s a very good chance that we could see yields move higher.
Since 1971 the 10 year treasury rate yield on the 30 year fixed mortgage have had a very strong correlation. This is not likely to change in 2011 as the Federal Reserve Bank is going to slowly take their hand out of the pot when it comes to keeping interest rates near historic lows.
With this in mind it may be a very wise choice to start research early in the year rather than waiting till the summer or fall. By waiting until the summer fall some homeowners could miss out on an opportunity to save hundreds and possibly even thousands of dollars by refinancing to a much lower interest rate.
Author: Alan Lake
Tags: bank of america april rates > bank of america home loans > bank of america interest rates > bank of america refinance > home loan interest rates > home loan mortgage rates