Bank of America Refinance Mortgage Rates – Fixed Home Loans Up to 4.5% as 10 Year Treasury Rate Yield Rises
Posted on | June 30, 2011 | Comments Off
Recently we have seen the 10 year treasury rate yield move out from 2.9% all the way to 3.1%. At the present time we are seeing the 10 year yield sitting right at its 200 day and 50 day moving average which could hold as a support level is broken to the upside. With this being the case Bank of America refinance mortgage rates could move higher very quickly in the near future.
Before making any assumptions when it comes to locking in low interest rates it is always important for homeowners to understand that it takes a very impressive financial history to lock into the lowest rates. Even the 30 year fixed mortgage rates have moved up over the last several days it is still the case that some homeowners could benefit greatly by locking into these low rates.
The general rule of thumb is the homeowner should desire to save at least one full percentage point if they plan to benefit from the current low interest rate environment. Unfortunately, those who have made poor financial decisions in the recent past will find it very difficult to lock in the lowest rates due to the fact that most lenders will deem them risky.
With this in mind it is always a wise decision to pay down high interest rate debts before going into the refinance process. If individuals have a significant amount of unsecured credit card or personal loan debt outstanding it is always smart to pay this down as it will often help improve a credit score.
By increasing a credit score to a level above 740 customers will often find that lenders are more than willing to help when it comes to refinancing home loan. It is very important to recognize that having a significant amount of home equity and a debt to income ratio below 40% will also help when it comes to refinancing in June or July of 2011.
Author: Alan Lake
Tags: bank of america fixed home loans > bank of america home loan rates > bank of america loan rates > bank of america refinance > bank of america refinance mortgage rates > fixed home loan rates > refinance mortgage interest rates