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Wells Fargo Refinance Mortgage Rates – Interest Rates Still Under 5%

Posted on | November 8, 2009 | No Comments

Wells Fargo refinance mortgage rates remain extremely low as mortgage interest rates are still under 5%.  After the Federal Reserve Bank announced that they were going to stop purchasing US Treasuries many analysts predicted that mortgage rates were going to go to 5.5%.  This has yet to happen and the exact opposite has actually occurred.

Since the beginning of October we have seen the 10 year treasury rate yield move all the way up through the 50 day moving average yet mortgage interest rates have moved sideways to down.  Most of the time there is a very strong correlation in the 10 year treasury rate yield and the 30 year fixed mortgage rate.  Back in May of 2009 we saw a disconnect but that all changed greatly in one week.

In late May we saw mortgage interest rates move .75% in one week.  This was because we saw a strong move up in the 10 year treasury rate yield but mortgage rates refused to move.  Eventually it caught up and mortgage rates moved drastically in one week.  There is a good chance that we are going to see that again with the current circumstances.

With that in mind now is one of the best times in history to refinance your current home loan.  Wells Fargo and many other lenders are offering mortgage rates under 5% so there is no reason that you should let the opportunity pass you by.  Mortgage lenders have been urged to lend money to all borrowers so it is up to you to get the low rates.

Do not get discouraged if you do not qualify for the mortgage rate you desire.  Continue to work to increase your credit score and do what it takes to get that low mortgage rate.  It could mean the difference in several hundred dollars a month which could equate to several tens of thousands of dollars over the course of your home loan.

Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below.

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Author: Alan Lake

Category: Wells Fargo Mortgage Rates

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