Bank of America is one of the top mortgage lenders in the nation and has more homeowners in their care than any other mortgage lender in our nation. So, many homeowners with Bank of America have been able to refinance their home or buy a new one, and with the 30-year fixed rate mortgage, they are able to get a low interest rate.
Mortgage rates have stayed around 5% as of late, which is up from the mortgage rates of past months, but there are still many homeowners that are able to refinance their home and, with a 5% interest rate, they are dropping the monthly mortgage payment on their home.
Homeowners that are buying a home for the first time are finding that with low home prices and these low mortgage rates a mortgage payment, for many, is more affordable than paying rent.
While these low mortgage rates on a 30-year fixed rate mortgage are attracting many homeowners and homebuyers, it should be noted that owning a home or refinancing a home is a big responsibility and something that shouldn’t be entered into lightly.