Mortgage rates for Bank of America homeowners or potential homebuyers are on the rise in April. Over the last few months mortgage rates have been as low as 4.75% for some homeowners, but it looks like mortgage rates are climbing above 5% as April begins.
Many homeowners have been refinancing their home loan to a 30-year fixed rate mortgage in order to lock in a low interest rate and a lower monthly mortgage payment, and for many Bank of America homeowners it has paid off.
However, with rates increasing, these record-low interest rates may be a thing of the past as many analysts feel the housing market is getting stronger and can handle higher interest rates and the Federal Reserve’s stoppage of buying mortgage-back securities has also been said to be a cause of higher rates.
While rates are still around 5%, there are homeowners that still want to buy or refinance their mortgage. A 5% interest rate on a mortgage isn’t a rate that is ultra high and still can be a good rate for many homeowners. However, if you are thinking of buying or refinancing a home just for the interest rate, be sure you are financially stable enough to do so.