Aug 6, 2009
Bank of America Refinance Mortgage Rates - Interest Rates Move in August
AUTHOR: Colin Keller
Bank of America refinance mortgage rates have been in a tight range between 5.1% and 5.3% since the beginning of July. At the end of July, average mortgage rates dropped to 5.05% and many people thought we were going to see interest rates fall below 5%. The opposite was the case as the treasury yields surged higher pulling mortgage rates up with them. Mortgage rates are now near 5.3% and the upper part of the range is being tested. If we see a break of the 5.3% level, we could see mortgage rates move up very fast.
If you have been thinking about refinancing or getting your first mortgage now might be the time to do it. If you wait a few months or even a few weeks, we could see mortgage rates in the upper 5% range which is a great difference from where they are at now. Luckily there are many lenders out there that are offering mortgage rates under 5% and you have probably seen the ads all over the television and Internet. Most of these ads lead you to an 800 number where you can contact a representative. While you may not want to give the representative all of your financial information, it may be wise to give them a call and ask them some generic questions.
Congratulations on taking the first step in getting a low mortgage rate. The next step is to get out there and contact some mortgage lenders who are offering mortgage rates under 5%. You never know how low of an interest rate you can get until you ask.