Bank of America’s (NYSE: BAC) Mortgage Rates Continue to Decline, 30 Year Fixed Rate Available at 4.49%
Bank of America’s (NYSE: BAC) refinance rate for mortgages have continued to decline and are hitting new record lows. This week, the refinance rate for a 30-year fixed rate mortgage has gone as low as 4.49%, much lower than the weekly all-time low of 4.61% that happened back in March 2009.
Last week’s mortgage rate information will likely peek interest because the holiday week might mean a decline in the number of mortgages made, which could affect the average mortgage rates for the week. If the data doesn’t indicate that another all-time low happened last week, it may very well happen again this, the first week of December.
Bank of America has done an excellent job of repositioning themselves by aggressively marketing their home mortgage market. When researching mortgages online, you will find yourself inundated with ads for Bank of America’s home mortgage services.
The company has yet to announce how much they’ve spent on advertising this quarter or how effective those ads have been on increasing company profits, but most Americans looking for mortgages are going to know that Bank of America is offering extreme low home loan rates. Bank of America is doing about the only can do—get their products out there and hope that consumers bite.
Bank of America is hoping that when consumers refinance their home loans through Bank of America, that they will also make use of the bank’s other accounts and services. Since BofA offers just about every type of loan and financial product imaginable, the company is likely hoping that offering competitive refinances will help lock consumers into the company’s other banking products as well.
If you’re in a situation where you’re paying in the 5-6% range or higher on your mortgage, it’s definitely worth going through the application process with Bank of America, as well as other banks, to see what kind of rate that you can qualify for. Over the long haul, it will be well worth it to lock yourself into a lower mortgage interest rate, as you could save hundreds of dollars per month on your mortgage payment.
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