Home / Mortgage / Mortgage Calculators | Bank Of America And Wells Fargo Refinance Mortgage Rates Close To 2011 Lows ?
For quite some time many Americans have noticed that interest Rates are very close to all-time lows due to the fact that the 10 year treasury rate yield is well below its 50 day moving average. On May 22, 2011 we are seeing Bank of America and Wells Fargo refinance mortgage rates very close to 2011 lows near 4.5% for the 30 year fixed mortgage.
It is very important for homeowners to understand that Wells Fargo and Bank of America are two of the largest financial institutions in the country but definitely not the only option when it comes to locking in low refinance mortgage rates. In May of 2011 there are over 7000 FDIC insured financial institutions throughout the country.
It is also important to recognize that not all Americans will have an opportunity to walk into the lowest refinance mortgage rates. It generally takes a credit score that is above 740, a significant amount of home equity, and a debt to income ratio that is below 40%.
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By not meeting these financial requirements it is nearly impossible to lock into the lowest mortgage interest rates in May of 2011. Even though this is true it is important to recognize that not all Americans must lock-in to the lowest rates to save money. Sometimes it is the case that bad credit borrowers have improved credit score and they have an opportunity to save money by simply refinancing to a lower rate.
The general rule of thumb is the homeowners should desire to save at least one full percentage point when refinancing. By not saving one full percentage point it is often true that closing costs outweigh benefits which make the entire process pointless. There are many free mortgage calculators online that should help Americans understand which interest rate they should desire.
Author: Heather Best
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