Wells Fargo Refinance Mortgage Rates – Today’s Rates Hit All Time Lows
Posted on | November 30, 2009 | 1 Comment
Wells Fargo refinance mortgage rates have hit all-time lows for several consecutive days. Yesterday we saw the 30 year fixed mortgage rate hit below 4.49%. This is well below the weekly all-time low average of 4.61%. It will be interesting to see what the data for last week shows as it was a holiday week and several days banks were closed half a day or a full-day.
Even if the data does not show that last week was an all-time low week for mortgage interest rates it is very likely that this week will be. The 10 year treasury rate yield is broken down below its 200 day moving average and there is no reason to think that mortgage rates are going to bounce any time in the near future.
With this in mind some borrowers might want to wait until mortgage rates hit the absolute all-time low. Unfortunately this is going to be impossible to predict as we have never seen lows like this in the past. With nothing to base our predictions on how are we to know how low mortgage interest rates can possibly drop if there is no true level of support below the level we are at.
By refinancing or locking into a low mortgage rate today you are likely to save several hundred dollars a month on your mortgage payment. But the economy struggling the way it is they would be a very good idea to try to get the lowest monthly mortgage payment possible so you can put the extra funds to other bills and possibly dig yourself out of other debts.
Even if you have bad credit there is a very good chance that you would benefit by refinancing in this low mortgage rate environment. You can refinance to a mortgage rate is 1% below the current rate you are at that it would greatly but move you to consider doing this. There is no reason you should not contact your lender today and see what your options are.
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Author: Jeremy North
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One Response to “Wells Fargo Refinance Mortgage Rates – Today’s Rates Hit All Time Lows”
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November 30th, 2009 @ 4:31 pm
Great article! From discussions with some lenders, the are being *very* cautious on issuing new loans and it can some times take a while to get the paper done. If you can score one of these rates you’ll be thanking yourself over the next few years.