Wells Fargo Mortgage Rates – Interest Rates Ready to Break 5%?
Posted on | September 2, 2009 | 1 Comment
Wells Fargo mortgage rates are getting extremely close to the 5% floor that has been tested many times. Early in the week, we see mortgage interest rates around 5.01% and we could see continued downward movement as the week comes to a close. The 10 year treasury rate has definitely seen its up trend broken and its grinding sideways to down which is helping to push mortgage rates very close to that important 5% level.
If we continue to see the 50 day moving average serve as resistance to the 10 year treasury yield we are likely going to see Wells Fargo mortgage rates move below the 5% level. The question many people are asking is if mortgage rates do get this low will Wells Fargo benefit? Well, in more words or less, yes! The fact that average mortgage rates are below 5% will cause quite the stir in the housing industry. There will be a swarm of mortgage applications and many mortgage lenders will see a spike in business.
Wells Fargo has positioned itself very well to benefit from a possible “refi boom.” The company as a whole made sure to stay away from as much of the subprime mess as possible and now they are ready to do the refinancing for many of the home owners that are hoping to get a mortgage rate under 5%. The amount of anticipation for this has been great so lets see if this run below 5% lives up to the potential.
If you are a home owner and you have been thinking about refinancing, now is the time to get the process started. By jumping ahead and getting to work on the application, you might save yourself quite the headache of dealing with the rest of the crowd who will apply for a refinance as soon as mortgage interest rates drop below 5%. It might be wise to go ahead and contact your lender and get all the initial steps done before we see the 5% level breached.
Wells Fargo mortgage rates have been flirting with the 5% level for quite some time so it will be very fun to watch how the current situation plays out. We could be heading into a very exciting time for the housing market and mortgage rates in general. Make sure to stay tuned to Subprime Blogger to get all of your mortgage news.
Author: Jesse Wojdylo
Comments
One Response to “Wells Fargo Mortgage Rates – Interest Rates Ready to Break 5%?”
Leave a Reply
September 3rd, 2009 @ 12:59 pm
I just locked in on a re-fi with Wells Fargo at 4.875% with 1.75 points!!! Very excited.