Wells Fargo Refinance Mortgage Rates – Today’s March 25 Rates Much Higher
Posted on | March 25, 2010 | No Comments
Wells Fargo refinance mortgage rates have had a long streak below 5%, but there is a very good chance that could change today. We are currently seeing 30 year fixed mortgage rates up to 4.99% and it looks as if this trend is going to continue higher in the near term. Low mortgage rates below 5% might be a thing of the past.
The Federal Reserve Bank is going to conclude their mortgage backed security purchase program at the end of March. Many analysts feel that mortgage rates could move up at least one full percentage point when this happens. We have already seen rates move up .25% in the last day and this could continue.
It is also the case that the 10 year treasury rate yield is trending higher. Yesterday we saw the yield break through its 50 day moving average and work much higher, to the tune of 4%. If the 10 year yield continues to push up then there is a very good chance that we could see mortgage rates at 5.5%.
Wells Fargo and most mortgage lenders have worked very hard to promote their home loans division during this low interest rate environment. It will be very interesting to see how these banks and lenders adjust when, and if, mortgage interest rates start to move drastically higher.
Author: Alan Lake
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