Bank of America Refinance Mortgage Rates – Current Fixed 30 Year Home Loans at 4.25% on September 14
Posted on | September 14, 2011 | Comments Off
On September 14, 2011 we are seeing 30 year fixed mortgage rates under 4.5% as the 10 year treasury rate yield is around 1.95%. With the 10 year treasury rate yield very close to all-time lows it comes is very little surprised to see many American homeowners looking to refinance or seeking Bank of America refinance mortgage rates during the fall months.
Unfortunately, many Americans have found out that it takes a very impressive credit history to lock into the lowest interest rates in September of 2011. By having a credit score that is over 740, equity in a home, and a debt to income ratio below 40% many individuals will have great opportunities to lock into low rates with any major mortgage lender.
It is also important to recognize that Bank of America is one of the largest financial institutions in the country but definitely not the only option when it comes to locking in the lowest rates. The FDIC insures over 7000 financial institutions in all 50 states so it should not be overly difficult to find local and regional lenders that are willing to help when it comes to getting a home loan.
Over the next several months will be very interesting to see just how many Americans submit a refinance application. With 30 year fixed mortgage rates as low as 4.25% for many homeowners is the case that a large percentage of Americans could save by refinancing. The general rule of thumb is that individuals must save at least one full percentage point to cover closing costs during the refinance process.
Accessing the HUD website can prove to be greatly beneficial for individuals looking to better understand the refinance process. All of the information on the HUD website is completely free and very helpful to those who are naïve to this process.
Author: Jeremy North
Tags: bank of america home loans > bank of america refinance > fixed home loan rates > fixed mortgage interest rates > home loan interest rates > mortgage interest rates today