Bank of America Refinance Mortgage Rates – Fixed Home Loans Under 4.35% With Lower 10 Year Treasury Rate Yield Today
Posted on | July 27, 2011 | Comments Off
Through all of the debt ceiling debates it is the case that the 10 year treasury rate yield has stabilized between 2.9% and 3%. With this being a case it comes as little surprise to see a large number of American homeowners seeking Bank of America refinance mortgage rates in July and August of 2011.
At the present time we are seeing fixed home loan interest rates under 4.25% for borrowers who have a very good financial history. As the 10 year treasury rate yield continues to drop it is often the case that the 30 year fixed mortgage rate will follow. Since 1971 the 10 year treasury rate yield on the 30 year fixed mortgage have had a very strong correlation.
With this in mind it would be a wise choice to take note of where the 10 year treasury rate yield is heading before going into any mortgage process. If the 10 year treasury rate yield is below its 50 and 200 day moving average and this likely means that mortgage rates will remain low for at least a short period of time. If the 10 year treasury rate starts to move higher that we will likely see higher fixed interest rates.
While Bank of America is one of the largest financial lenders and the United States all individual should understand that there are plenty of options available. With fixed home loan interest rates slightly below 4.35% many banks and institutions will be willing to go above and beyond to gain new customers. It is always advisable to get several competitive interest rate quotes at the local and regional level.
As we get closer to the fall of 2011 there is a possibility that the overall economy could improve which in turn would push interest rates higher. If the unemployment rate dropped to a level below 8% and we continue to see economic data pointing towards growth there is little doubt that mortgage rates will rise to a level above 5%.
Author: Alan Lake
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance > fixed home loan interest rates > fixed mortgage refinance rates > home loan interest rates