Bank of America Mortgage Rates Look To Be On The Rise In April

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.