Well, interest rates suck right now and headed higher, so I wouldnt refinance now even if I were offered zero closing costs, zero down. So as a white guy, I dont feel offended. That said...
This is a stupid decision on BoA’s part. Probably incentivized by the present radical government. and of course it wont end well. The only winner in this will be the banks with all the foreclosure properties they will acquire on the cheap, and thats not really a win.
It's all relative. The first mortgage rate sheet I saw in May of 1985 when I started work as an agent featured a 30 year fixed at 14.75% with three points at closing. Fives and sixes are low-moderate in comparison.