Bank of America Refinance Mortgage Rates – Fixed July 25 Home Loans Stable at 4.35% for the 30 Year Mortgage
Posted on | July 25, 2011 | Comments Off
With the 10 year treasury rate yield Looking to find a bottom around the 2.95% level it comes as no surprise to see 30 year fixed mortgage rates very close to 2011 lows. With this being true many hard-working Americans will likely seek Bank of America refinance mortgage rates hoping to lock in 30 year fixed home loans near the lowest levels of the year.
At the present time we are seeing 30 year fixed conventional mortgage rates at 4.35%. On July 25 many homeowners will submit a refinance application in hopes of saving money but it is important to recognize that not all American homeowners will have the ability to lock into the lowest rates.
It is generally the case that individuals with a credit score above 740 and a jet to income ratio below 40% will have the best opportunity to walk into the lowest interest rates at the present time. Unfortunately, many Americans continue to make poor financial decisions by missing bills were building up a high amount of debt and this makes it nearly impossible to lock into the lowest rates.
Before going into the refinance process it may be a wise choice to pay down high interest rate credit card and personal loan debt. By reducing the debt to income ratio drastically it will likely be true that many mortgage lenders will be more than happy to negotiate lower mortgage interest rates in July or August of 2011.
While Bank of America is one of the largest financial institutions in the United States it is very important for all homeowners to recognize that there are a number of options when it comes to FDIC insured banks. In fact, the FDIC currently insures over 7000 institutions that are likely available to help when it comes to locking in the lowest mortgage interest rates today.
Author: Alan Lake
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