May 2, 2010

Your Mortgage News Source Bank of America Home Loans – Mortgage Refinance Rates Remain Low at 5.85% for Qualified Borrowers

Bank of America home loans were a very popular subject in April 2010 as this was the last month that the first time home buyer tax credit was available.  Now that the tax credit has expired it is likely that we will see less first time buyers and more experience buyers.  At the present time we are seeing mortgage refinance rates extremely low at 4.85% for the 30 year fixed mortgage rate.
It is important to understand that only well qualified borrowers will have access to mortgage interest rates at this level.  If you have a credit score above 740 and a significant amount of equity in your home then you should have little trouble qualifying for a home loan rate below 5%.
Bank of America and almost all banks and lenders have enjoyed the low interest rate environment because they have gained new customers.  Customers have enjoyed this time because they have had the ability to lower their monthly mortgage payments buy lowering their overall interest rate.
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