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Wells Fargo Refinance Mortgage Rates – 30 Year Fixed 4.8%

Posted on | October 21, 2009 | No Comments

Wells Fargo refinance mortgage rates continue to remain low with the assistance of the Federal Reserve Bank.  The conventional 30 year fixed rate mortgage is currently at 4.8% which is extremely low when looking at the historical chart of mortgage interest rates.  For those who have a desire to refinance their home mortgage now might be one of the best times since prior to the summer.

Over the entire 2009 summer Wells Fargo refinance mortgage rates were above 5% mostly because the 10 year treasury rate yield was finishing an up trend.  For the entire first half of 2009 we saw a strong move higher by the 10 year treasury rate yield.  As the yield moved higher, 30 year fixed mortgage rates followed.  There was a little bit of a delay in the mortgage rates moving up but it happened for the entire summer.

The 10 year treasury rate yield rolled over and started heading lower which helped to pull mortgage interest rates below 5%.  For over a month now we have seen average mortgage rates near or below 5%.  Just when mortgage rates get this low we have seen the 10 year treasury rate yield hit a support level at the 200 day moving average and bounce higher.

The move higher by the 200 day moving average has been something that we at Subprime Blogger expected to see.  The Federal Reserve Bank announced that they are going to stop buying US Treasury and the yield hit its 200 day moving average so it was always a forgone conclusion that the 10 year yield was going to move higher even if it was briefly.

If the 10 year yield continues to move up and breaks through its 50 day moving average then it is very likely that we will see higher Wells Fargo refinance mortgage rates.  You do not want to be sitting on the sidelines watching mortgage interest rates go higher when you could have refinanced under 5%.  There are many lenders out there advertising mortgage rates under 5%, including Wells Fargo, so make sure to go through the home refinance process as soon as possible.

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Author: Jeremy North

Category: Wells Fargo Mortgage Rates

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