Wells Fargo Refinance Mortgage Rates – 30 Year Fixed Rates to New 2010 Lows
Posted on | January 21, 2010 | No Comments
Wells Fargo refinance mortgage rates had a very crazy December with mortgage rates ranging from 4.49% to 5.35%. In January we have seen Wells Fargo fixed mortgage rates between 4.8% and 5%. With 30 year fixed mortgage rates seem much more stability more homeowners are looking to refinance in the current economic environment.
As January has moved forward we have seen the 10 year treasury rate yield start to move lower to the support level of the 50 day moving average. This move lower has helped the 30 year fixed mortgage rate to head to new 2010 lows. Last last week we saw the 10 year yield break below the support level of 4.75% and it has dropped ever since. It looks as if the next support level will not come until the yield hits the 50 day moving average.
It is important to note that the 10 year treasury rate yield and the 30 year fixed rate morgage have had a very strong correlation since 1971. If the 10 year yield goes lower so does the 30 year fixed rate and vice versa. WIth the 10 year yield dropping you can expect that the 30 year fixed rate is likely to drop to the 4.8% level or below in the very near future.
It might be a good idea to take action now because many analysts have been predicting that higher interest rates are likely to come in the near future. If you continue to wait and hope that the 30 year fixed rate mortgage drops to an all time low level (4.49%) you are risking the possibility that mortgage rates could move up and you could be staring at 30 year rates closer to 6% than 5%.
Wells Fargo continues to advertise mortgage rates under 5% so it would be wise to at least do your research today. If you are looking to refinance at low levels then now might be the last time you get this opportunity before mortgage interest rates start to move up significantly.
Author: Mike Garner
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