Bank of America Refinance Mortgage Rates – Lowest Home Loans at 4.5% for Great Credit Score Borrowers on May 19th
Posted on | May 19, 2011 | Comments Off
Bank of America refinance mortgage rates remain very close to the lowest levels in 2011 as we are currently seeing 30 year fixed home loans around 4.5%. It is important for every individual looking to refinance to remember that it takes a great credit score above 740 to have any chance to lock into the lowest home loan rates today.
Bank of America is currently one of the largest financial institutions in the country along with J.P. Morgan Chase, Citigroup and Wells Fargo but there are many other options available at the regional, local and national level. With over 7000 FDIC insured financial institutions nationwide customers will likely find that there are many options in a specific area.
Taking the time and effort to do extensive research on 30 year fixed mortgage rates could prove to be greatly beneficial when it comes to refinancing home loan. When looking at historical charts it is quite obvious that we are very close to all-time lows which is how many American households save a significant amount of cash.
With many free mortgage calculators available online Americans can much better understand just how much money could be saved. It is important to note that there are closing costs involved in refinance process so it is advisable to save at least one full percentage point to fully benefit. By not saving one full percentage point closing costs will often outweigh savings which can make the process meaningless.
As we get closer to the summer of 2011 there is a possibility that interest rates could rise due to the fact that the economy is improving. The Federal Reserve Bank is taken many necessary steps to keep interest rates low over the last several years and that will likely change if the unemployment rate continues to drop in the overall economy gets much better. With the market setting interest rates will likely see rates move well above 5%.
Author: Alan Lake
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