Bank of America Refinance Mortgage Rates – Fixed May 27 Home Loans Dip to 4.4% Into Memorial Day Weekend
Posted on | May 27, 2011 | Comments Off
Bank of America and most mortgage lenders are reporting that 30 year fixed mortgage rates are getting very close to yearly lows as we are seeing quotes as low as 4.4%. Most homeowners are finding great opportunities to save quite a bit of money when it comes to lowering a mortgage interest rate.
It is important to remember that it takes an amazing credit history to have any opportunity to lock in to the lowest interest rates. Unfortunately, many Americans have struggled to make strong financial decisions and they are seeing most home loan interest rate quotes will above the all time lows.
To receive the lowest interest rates it is generally the case that homeowners must have a credit score above 740 and a debt to income ratio that is under 40%. By not meeting these requirements most will find that mortgage lenders nationwide are not willing to offer the lowest possible rates.
While Bank of America is one of the largest financial institutions in the country it is important to remember that there are many options. By doing research online most will find that there are plenty of local, regional and national banks that will be more than willing to help when it comes to lowering a monthly mortgage payment while also offering great customer service.
As we get closer to the summer of 2011 we will likely see some volatility in mortgage rates. Some analysts feel as if the 10 year treasury rate yield will bottom around its 200 day moving average and start to move higher by the summer. If this is the case then we could see mortgage rates move back up towards 5% quickly.
Author: Alan Lake
Tags: bank of america home loans > bank of america rates > bank of america refinance > fixed may home loans > home loan interest rates > home loan mortgage rates > memorial day home loan rates