Bank of America’s (NYSE: BAC) Refinance Rates Drop Even Further, Now at 4.55%

Bank of America’s (NYSE: BAC) refinance rates have continued to delve lower as the month of December begins. According to the most recent data, Bank of America’s 30 year refinance rate is currently at an all time low with an average interest rate of 4.55%.

Previous to this new low, the lowest interest rate average had been 4.61% on a weekly basis and that was set back in March of 2009. No one can say for sure whether or not mortgage rates will continue to dip down in the weeks to come, but it’s certainly one of the best times in modern history to refinance your home mortgage.

The Charlotte, NC based bank has done an excellent job of positioning themselves in this unprecedented low interest rate environment. Bank of America is promoting its low interest rate mortgage products aggressively through search advertising and on other online ads.

Bank of America is hoping to use mortgages as a way to draw in consumers for business on additional products. Since Bank of America offers a number of different types of loans, accounts and investments, they will likely suggest that you make use of some of their other services. These pitches will likely include debt consolidation, credit cards, car loans and personal banking services.

The company knows that when its customers make use of more Bank of America services, they are more tied to the bank and less likely to move their business elsewhere. They are also making more profit per customer when a customer makes use of multiple account types. Customers considering using Bank of America for a refinance should be prepared for an onslaught of offers and pitches for additional services when they apply for their loan.

Bank of America is just one of many lenders out there that are currently advertising extremely low mortgage interest rates. Bank of America currently has the most mortgages on their books, but most other financial institutions are also offering very low competitive rates.