Jul 30, 2009
Bank of America Refinance Mortgage Rates - Interest Rates Down?
Bank of America refinance mortgage rates have been quite low for a long time now. Since the beginning of 2009, average mortgage rates have not exceeded 5.6%. This is almost unbelievable when you look at the history of mortgage rates. Anyone that currently has a mortgage at an interest rate under 6% should consider themselves lucky. If your mortgage rate is above 6% it is advisable to go ahead and get your mortgage application in now as interest rates may be down now, but they could increase very soon!
The 30 year fixed mortgage rate tends to follow the 10 year treasury rate yield, they have been very closely related for almost 40 years now. When the 10 year yield moves up, almost every single time the 30 year fixed rate mortgage follows. Well, that has not been the case since the recent run up of the 10 year yield. The yield has pushed much higher while mortgage rates have trended sideways to DOWN! The last time this happened average mortgage rates jumped as much as .75% in ONE day back in late May. If this were to happen today, you could see mortgage rates in excess of 6%.
To combat this jump up, it is advisable to go ahead and get your mortgage refinance application started. There are several lenders that are advertising refinance mortgage rates under 5% and while they may be difficult to get, you never know until you try! At least give some of these lenders a call and see what they have to offer!
- FHA Loan Rates - Interest Rates Moving Up Greatly Soon?
- Government Mortgage Refinance Program - Will the Obama Refinance Plan Help You?
- Bad Credit Lenders - Can They Offer a Low Mortgage Rate?
I spoke with these dolts about a re-fi in May. After having held my mortgage for seventeen years in my prior residence, and a twenty-plus year banking relationship, I was informed that for the purposes of a potential re-fi, I could not be told my FICA score! The gall!
Hmm… something fishy about your post; seeing as how they are required by law to provide you any information they obtain in a credit check. They may require you to submit your request in writing, but they cannot simply deny you access to the information.
If you want to know your FICO score immidiately, there is a very popular website/service (that has commercials on every 5 minutes) that will give you access to your score for free, or of course you can sign up for their service and check it anytime you want.
Furthermore, the federal government provides that you are entitled to your entire credit report for free once per year. You can find information about this at http://www.annualcreditreport.com.