Bank of America Refinance Mortgage Rates – Fixed 30 Year Rates at 4.5% on May 20th Heading Into the Weekend
Posted on | May 20, 2011 | Comments Off
Bank of America refinance mortgage rates have attracted many customers over last several years due to the fact that individuals could save hundreds of dollars a month on a home loan payment. On May 20, 2011 we are seeing 30 year fixed rates right at 4.5% as the 10 year treasury rate yield has pulled back this Friday morning.
Since the beginning of April we have seen the 10 year treasury rate yields severely decline which in turn has helped to push average 30 year fixed mortgage rates near 2011 lows. While Bank of America is currently one of the largest financial institutions in the country it is important for every homeowner to do research and check local and regional lenders as well.
By doing extra research it could be the case that some homeowners end up saving a significant amount of cash due to competitive interest rate offers. Rather than assuming that some of the larger banks are going to make the best offers it is always a wise choice to check all options available and there are many with over 7000 FDIC insured banks.
Many analysts have predicted that interest rates would rise as the overall economy improves but the unemployment rate has recently moved up from 8.8% and 9%. Even though this is not a drastic move higher it is still the case that the unemployment rate is not severely declining like many analysts and economists had predicted.
If the economy gets much better in the stock market reaches multi-year highs over the next several months that it might be the case that interest rates start to move up. With this in mind it may be a wise choice to take advantage of current low interest rates as they will not be available forever. With 30 year fixed rates well under 5% many Americans stand to benefit from the low interest rate environment.
Author: Jeremy North
Tags: bank of america fixed rates > bank of america interest rates fixed > bank of america mortgage rates > bank of america refinance > fixed refinance mortgage rates > refinance mortgage rates