Wells Fargo Refinance Mortgage Rates – Home Loan Rates Drop
Posted on | September 10, 2009 | No Comments
Wells Fargo refinance mortgage rates have dropped below 5% for the first time since late May. Home loan rates have been between 5.05% and 5.5% for the entire summer until the beginning of September. With President Obama and his administration working very hard to keep interest rates near all time lows it would behoove borrowers to take advantage of this time and lower the interest rates on any loan that they may have; especially home loans.
Home loan rates being below 5% is a major sign of things to come. If mortgage interest rates can stay below 5% we could see much lower rates in the coming months. For the rest of September and all of October the Federal Reserve Bank is going to continue to buy US Treasuries and Mortgage Backed Securities. This is sure to keep mortgage interest rates at historic lows for the time being. We might even see rates drop to new lows never seen before.
The average 30 year fixed rate mortgage of 4.78% was the lowest level attained back in April. If we can fall through 5% with strength we could see a new all time low. For those of you who have been waiting to refinance at mortgage rates below 5% now might be the time to get started on your mortgage application. There is likely going to be a huge interest in refinancing in the coming months if mortgage rates continue to drop so it might be good to get in early.
If you get your mortgage application in a little bit early you are not going to see the lowest mortgage rates but you might avoid all the problems that go along with the getting your home refinance done during such a busy time. You will also reduce the risk of not being able to get mortgage rates at low levels. No one knows when mortgage rates are going to turn around and head higher so it would be smart to lock in now while you can.
Refinancing your current home loan is very attractive right now because mortgage interest rates are dropping below 5%. No one will ever be able to time the bottom perfectly so it would be wise to stay ahead of the crowd. There are many companies that are already advertising mortgage rates under 5% so get out there and contact them to see what interest rate you can get.
Author: Jeremy North
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