Bank of America Refinance Mortgage Rates – May 16 Fixed Home Loans Remain at 4.5% for the 30 Year
Posted on | May 16, 2011 | Comments Off
With the 10 year treasury rate yield struggling to find a bottom near 3.2% it is the case that most Americans are finding that mortgage interest rate quotes are under 4.5% for the 30 year fixed. When looking for Bank of America refinance mortgage rates it is important to note that only the best borrowers will receive the lowest rates on May 16, 2011.
While Bank of America is one of the largest financial institutions in the United States is very important for all customers to remember that it is not the only option when it comes to refinancing home loan in May. With over 7000 FDIC insured financial institutions in the USA it should not be extremely difficult to find a bank that is willing to offer great customer service with low rates.
With that being said it is always a wise decision to check out the competition and completely understand what options are available when it comes to refinancing home loan at the present time. Even though 30 year fixed mortgage rates are being quoted around 4.5% it is still the case that many borrowers will not have the opportunity to lock in to these low rates.
With a credit score that is well below 700 and a debt to income ratio that is below 40% a large number of American households will have no opportunities to refinance at the lowest mortgage interest rates today. Even though this is the case there still opportunities to save as most Americans only need to save one full percentage point to benefit from the refinance process.
With many free mortgage calculators available online and should not be overly difficult to find out just what interest rate is desirable for specific financial situation. By doing these calculations before going into the refinance process many people will save a significant amount of time and money.
Author: Alan Lake
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