Aug 9, 2009
Bank of America Refinance Mortgage Rates - Interest Rates Soar
AUTHOR: Collin Keller
Bank of America refinance mortgage rates have soared over the last week. Interest rates have historically been affected by the 10 year treasury rate yield and that continues to hold true. The 10 year yield has pushed much higher for much of 2009 but mortgage rates have moved sideways. There have been a few weeks in which rates moved as much as .75% higher because of the delay in upward movement. The past week was very similar. The 30 year fixed mortgage rate moved from 5.05% to 5.45% in three short days but the question is, are interest rates going to continue to move higher?
Bank of America’s mortgage rates mimic the average mortgage rates being floated around so you can imagine that their mortgage rates have moved higher as well. There are several mortgage lenders that are advertising mortgage rates under 5% so it would be wise to go ahead and contact these companies. You may not get a mortgage rate this low but you will never know until you try. If you were waiting for mortgage rate to drop below 5% please be aware to the fact that this is unlikely to happen.
Congratulations on taking the first step in getting a low mortgage rate. By doing the research you are well ahead of most current home owners. The next step is to get out there and actually contact some of the lenders that are offering mortgage rates under 5%.