Bank of America Refinance Mortgage Rates – May 17th Brings 2011 Lows for the 30 Year Fixed Home Loan Below 4.5%
Posted on | May 17, 2011 | Comments Off
Bank of America refinance mortgage rates have been a very hot topic over the last several months that this topic will likely get even hotter with the 10 year treasury rate yield reaching new 2011 lows. On May 17, 2011 we are seeing 30 year fixed home loans at the lowest level of the year below 4.5%.
It is very important for all homeowners and future homeowners to understand that it takes an amazing credit history to have any opportunity to lock in to the lowest possible mortgage interest rate. By doing research online most will find that lenders desire a credit score above 740, and debt to income ratio that is under 40%, and very strong financial decisions in the recent past.
Any American who has made poor financial decisions recently will likely find that mortgage interest rate offers are well above 4.5% and possibly above 5%. This is why it is extremely important to make certain that all bills are paid on time and in full. Unfortunately, many Americans are struggling financially and they are not meeting their requirements by paying all of their bills.
One way to improve the financial history is to make certain that high interest-rate debts are paid down. By paying down high interest rate credit cards and personal loans most Americans will find that their credit score increases over the course of time. This may take several years and even decades but it is well worth it to get started today.
As we get closer to the summer of 2011 it will be very interesting to see what happens with the 10 year treasury rate yield an overall mortgage rates. Eventually the 10 year yield is going to hit a bottom and start to move higher but no one truly knows when this will happen which could mean that we see 30 year fixed mortgage rates as low as 4%.
Author: Alan Lake
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance > may home loan rates > may mortgage loan rates > refinance mortgage loan rates