Bank of America Refinance Mortgage Rates – Average 30 Year Home Loans Dip to New 2011 Lows in the Month of May
Posted on | May 18, 2011 | Comments Off
Bank of America refinance mortgage rates have been in one direction since the beginning of April 2011 – down. Since the beginning of the fourth month of the year we have seen the 10 year treasury rate yield plummet to almost 3.1% which in turn has pushed average 30 year fixed home loans under 4.5%.
It is extremely important for all homeowners to remember that it takes an amazing financial history to have any chance to lock in to the lowest mortgage rates from any lender nationwide. With mortgage lenders being very strict with their lending practices it is almost imperative to have a credit score above 740 and a debt to income ratio that is below 40%.
By note meeting these financial requirements most homeowners are going to find that they receive interest rate offers that are higher than the advertised rates. Before going into the refinance process it might be a wise choice to pay down high interest rates debts and improve one’s financial history and credit score.
As we get closer to the summer of 2011 it will be very interesting to see what happens when it comes to the 10 year treasury rate yield and the 30 year fixed mortgage. Unfortunately, predicting overall financial markets can be very difficult so it is nearly impossible to completely understand the long term direction of mortgage interest rates.
With this being true it might be a good choice for homeowners to take advantage of low rates while they are available. By doing research online most homeowners will find that they can receive interest rate quotes from several lenders at the local, regional and national level from the comfort of their home or office. It may also be the case that these individuals will be able to speak to a lender about possible questions that may come up through a live chat service.
Author: Alan Lake
Tags: average bank of america rates > average home loan rates > bank of america fixed home loans > bank of america home loans > bank of america refinance > bank of america refinance rates