Wells Fargo Refinance Mortgage Rates – Average May Home Loan Rates at 4.5% for Good Credit Score Borrowers
Posted on | May 26, 2011 | Comments Off
Wells Fargo refinance mortgage rates have been very low since the credit crisis and on May 26th, 2011 we are seeing interest rates as low as 4.4% for well qualified borrowers. To receive the lowest home loan interest rates it generally takes a very good credit score that is above 740 along with a low debt to income ratio below 40%.
Wells Fargo is currently one of the largest financial institutions in the country along with JP Morgan Chase, Bank of America and Citigroup. Rather than thinking that these large banks are the only option it is important to realize that the FDIC insures over 7000 financial institutions so it should not be overly difficult to find a bank that is willing to work for new business.
As we get closer to the summer it will be very interesting to see what happens with the 10 year treasury rate yield. If the 10 year yield bounces off the support level at its 200 day moving average then we will likely see 30 year fixed mortgage rates start to move much higher and quite quickly.
With that being said we have seen the unemployment rate recently move up from 8.8% to 9% which is a sign that economic growth is still slow. As long as the economy continues to grow at a very slow pace it is highly unlikely that we will see 30 year fixed mortgage rates move up quickly.
Before making any major financial decision in ones life it is always smart to do extensive research. With many free resources available online it should not be hard to speak to a mortgage lender in a matter of minutes. Many of these banks now have live chat services that allow customers to speak to a representative in a matter of seconds.
Author: Mike Garner
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