Bank of America Refinance Mortgage Rates – August 2011 Home Loans Dip to New All Time Lows for Many
Posted on | August 16, 2011 | Comments Off
For many homeowners throughout the United States it is the case that there are all time low interest rate offers available. As the 10 year treasury rate yield sinks below 2.5% some individuals continue to notice the Bank of America refinance mortgage rates are dropping towards 4%.
With this in mind it comes as no surprise to see refinance application surge higher. Rather than assuming that low interest rates are available to all that is important to recognize that individuals must have a very good credit score that is about 740 and a low debt to income ratio that is under 40%.
By not meeting these financial requirements that could be the case that some American homeowners do not have the ability to save money by refinancing. The general rule of thumb is that individuals should have the opportunity to save one full percentage point if they hope to benefit from the refinance process in August or September of 2011.
While Bank of America is one of the largest mortgage lenders in the country it is a very good idea to consider other options. The FDIC currently insures over 7000 financial institutions so it should not be overly difficult to find a bank or lender at the local, regional or national level. By getting competitive interest rate quotes some individuals could save a significant amount of money.
As the economy improves and will likely be true that individuals see interest rates rise. With that being said we have seen the economy greatly struggle over the last several months as the stock market has plunged to new 2011 lows. The stock market continues to struggle and the unemployment rate remains high and there is a good chance that we could see interest rates low for an extended period of time.
Author: Alan Lake
Tags: august home loan rates > bank of america home loans > bank of america refinance > fixed bank of america home loans > fixed bank of america rates > fixed home loan rates > home loan interest rates