Mortgage Informer

Bank of America refinance mortgage rates continue to remain stable in 2010. In March we have seen Bank of America home loans around 4.75% for a 30 year fixed mortgage. When looking at historical mortgage rates you will clearly notice that this is an extremely low level.

It is very important to note that not everyone will qualify for a 30 year fixed mortgage rate at 4.75%. Even though the average is at this rate it does not mean that borrowers who have little home equity can access these rates. It is becoming more and more common that you will need a significant amount of equity to access low mortgage interest rates.

The powerful chairman of the House Financial Services Committee caused a stir in the mortgage-backed securities market on Friday by suggesting that Fannie Mae and Freddie Mac bondholders do not have the same guarantees as Treasury bondholders.

Rep. Barney Frank, a Massachusetts Democrat, told reporters that bondholders of major mortgage finance sources Fannie Mae (FNM.N) and Freddie Mac (FRE.N) should not assume the federal government will guarantee the debt of these government-sponsored enterprises at 100 cents on the dollar and they could theoretically suffer losses, according to U.S. media reports.

U.S. mortgage rates declined, lowering borrowing costs as the housing market’s recovery shows signs of slowing.

The rate for 30-year fixed U.S. home loans fell to 4.97 percent for the week ended today from 5.05 percent, mortgage finance company Freddie Mac said in a statement. The average 15- year rate was 4.33 percent, according to the McLean, Virginia- based company.

“Consumers are still a little bit cautious,” said George Mokrzan, senior economist at Huntington National Bank in Columbus, Ohio. “The low rates, they’re an incentive.”

Mortgage rates remain relatively low — for now — but the gap between 15-year and 30-year fixed mortgage rates are widening — and that’s good news if you’re in the market for a 15-year mortgage. Here’s how low you can go when it comes to 15-year fixed-mortgage rates.

Some might say Jon Brumit overpaid when he stumped up $100 (£65) for a whole house. Drive through Detroit neighbourhoods once clogged with the cars that made the city the envy of America and there are homes to be had for a single dollar.

You find these houses among boarded-up, burnt-out and rotting buildings lining deserted streets, places where the population is shrinking so fast entire blocks are being demolished to make way for urban farms.

Bank of America refinance mortgage rates have been low the entire month of February and that looks to continue into March. At the present time Bank of America home loans are rate at 4.75% for the 30 year fixed mortgage rate. This is getting very close to the 2010 low.

If you have been thinking of refinancing your current mortgage now is one of the best times in recent history. Even though mortgage interest rates are not at an all time low they are still very low when looking at historical mortgage rates. Bank of America and most major mortgage lenders continue to market rates below 5%.

After several weeks below 5 percent, the average interest rate on a 30-year, fixed-rate mortgage (FRM) reversed course and rose to an average 5.05 percent, up from last week’s 4.93 percent, according to Freddie Mac’s weekly Primary Mortgage Market Survey (PMMS).

For the week ending Feb. 25, the rate includes an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 5.07 percent.

The 30-year FRM’s record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.

The default rate for commercial property mortgages held by U.S. banks more than doubled in the fourth quarter and may reach a peak of 5.4 percent at the end of next year, according to Real Capital Analytics Inc.

The default rate for loans on office, retail, hotel and industrial properties surged to 3.8 percent from 1.6 percent a year earlier, the New York-based real estate research firm said yesterday in a report. The default rate for loans on apartment buildings climbed to 4.4 percent from 1.8 percent.

Bank of America refinance mortgage rates continue to hold steady below 5%. Bank of America home loans are currently at 4.95% on the 30 year fixed mortgage rate. The week of February 22nd, 2010 is likely to be very interesting as the 10 year treasury rate yield continues its up trend and we could see mortgage rates push higher.

Bank of America and all mortgage lenders have marketed the current low interest rate environment very well. President Obama and his staff have worked very hard to keep interest rates low so both the American public can benefit and the banks can benefit by gaining new customers and offering low mortgage interest rates.

Standing in the heart of the nation’s hard-hit foreclosure country, President Obama on Friday rolled out a $1.5-billion mortgage program meant for a handful of states, including California and Nevada, that have endured waves of home foreclosures during the recession.

The president also used the moment to give a needed boost to Senate Majority Leader Harry Reid’s reelection chances, crediting him with helping stave off a depression over the last year.

Obama spoke to 1,800 people at a town hall-style event as part of a two-day Western swing in which he raised money for Democrats and campaigned for two senators facing tough campaigns: Reid and Michael Bennet of Colorado.