Wells Fargo Refinance Mortgage Rates – Interest Rates Drop
Posted on | September 28, 2009 | No Comments
Wells Fargo refinance mortgage rates are getting very close to all time lows as interest rates continue to drop. For the first time since late May mortgage interest rates have dropped below 4.9%. For much of Monday, September 28th, we have seen mortgage rates below this level. This is greatly significant because a break below 4.8% means we could see all time lows for mortgage rates before the end of October.
At the end of October the Federal Reserve Bank is going to stop buying US Treasuries which is likely to cause a short term rally in treasury yields. If this is the case you can be rest assured that mortgage rates will follow the yields higher. No one really knows how high yields will go but if the Federal Reserve bank is not sinking money into them then there is little doubt that they are going to move up at least for the short term.
It is going to take a lot of money from foreign investors to keep treasury yields reasonable. If very few foreign countries decide to invest in the United States’ debt then yields are going to continue to rise until these countries find these rates attractive. Unfortunately it might be the case that treasury yields have to rise several percentage points until the big money is willing to invest in the United States’ debt.
With this being the case, now is one of the best times in history to refinance your current home mortgage. Most home owners can benefit from refinancing under 5% and there are several lenders who are advertising mortgage rates this low. President Obama and the Federal Reserve Bank has worked very hard to keep mortgage interest rates low and it is your responsibility to take advantage of these rates by refinancing.
Wells Fargo and other mortgage lenders are willing to help you get a mortgage rate of 5% or lower. It should not be very difficult to find these lenders as they are advertising all over the Internet and television. It is advisable to contact several lenders and see which company will offer you great customer service and a low interest rate. When you have found this lender make sure to tell friends and family as they can often be few and far between.
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Author: Heather Best
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