Subprime Blogger

Your Mortgage News Source

Wells Fargo Refinance Mortgage Rates – Interest Rates at 5.05%

Posted on | August 30, 2009 | 3 Comments

Wells Fargo refinance mortgage rates are getting extremely close to the 5% floor that has been in place since early April.  Mortgage interest rates have bounced between 5% and 5.5% for five months now and it seems that the 5% floor cannot be taken out with some much needed help from the Federal Reserve Bank or a “timely” speech by President Obama.  That timely speech could come this week and we could see mortgage rates fall below this level.

If we do see mortgage interest rates break 5% it will be very interesting to see the number of mortgage applications that lenders see.  There is very little doubt that there is going to be great interest in refinancing once we get below this psychological level.  Like any other financial area in people’s lives, we all like to have a round number that we are under or above when it comes to money.  Having a salary over 100k a year, buying a car over 40k and having a mortgage rate under 5%.

There is very little different between the 5.05% we are at now and the 4.95% that could come later this week but all home owners want to be under that 5% mark.  Wells Fargo is sure to get some great interest if this does in fact happen.  Being one of the only lenders out there that avoided most subprime borrowers, Wells Fargo is likely to see a bulk of the mortgage refinance applications.  Bank of America and many of the other home loan lenders are sure to see a surge in traffic as well.

The one fear that some home owners should have is the backlog of applications if we do see a refi boom.  Back in March, the last time we were under 5%, many mortgage lenders had stacks of mortgage applications to go through before they went to the underwriter.  This made borrowers wait and wait some more.  Some borrowers even had to wait so long that they missed out on the historically low mortgage rates at the time.  Do not let this happen to you in September!

If you have been thinking about refinancing it would be a good idea to go ahead and start the process.  One bit of advice is to make sure that your appraisal value is close to what you think it will be.  Most home owners get stuck in the refinance appraisal step of the process and you do not want that to happen to you.  Get that out of the way early before going through the rest of the process.  Getting a refinance in September may prove to save you a great deal of money!

Author: Jesse Wojdylo

Category: Wells Fargo Mortgage Rates
Tags:

Comments

3 Responses to “Wells Fargo Refinance Mortgage Rates – Interest Rates at 5.05%”

  1. JOHN GHANSIAM
    August 31st, 2009 @ 5:34 pm

    need to refinance for a better rate. excellent credit. good income.

  2. Barry Goldstein
    September 1st, 2009 @ 8:14 pm

    theis guy is the best in the business, for refinance or purchase …log on to his web site or call him 323-445-2674

  3. Mary Graves
    September 3rd, 2009 @ 10:13 am

    Interesting article since we started this process with Wells Fargo Finance last February and now it is September and we still don’t have it done! To say that you wait and wait and wait is an understatement.

Leave a Reply





    • Subprime Blogger is Digg proof thanks to caching by WP Super Cache!