Mortgage rates for Bank of America stay low as talks about rising interest rates on home loans loom. Bank of America has more homeowners than most other big lenders so they have had a lot of work on their hands with the home loan modification program, and while many homeowners with Bank of America have simply been able to refinance for a lower mortgage rate, many other homeowners are struggling to just pay their monthly mortgage payment.
While these mortgage rates for Bank of America are low, and other lenders are seeing low rates as well, there are many homeowners that are having trouble with their mortgage due to unemployment or because their mortgage is underwater.
Many lenders in the home loan modification program, from the Obama Administration, are set to provide assistance to homeowners through forbearance programs and principal reductions.
Bank of America has had their share of problems with homeowners and the home loan modification program, yet they hope that the assistance they provide to both unemployed homeowners and those with an underwater mortgage not only help homeowners but the housing market as well.