Wells Fargo Refinance Mortgage Rates – Home Mortgage Loan Interest Rates at 4.85%
Posted on | January 26, 2010 | No Comments
Wells Fargo refinance mortgage rates have been very stable for the month of January but that could be changing as we head into February. At the present time the 30 year fixed mortgage rate is at 4.85% while the 15 year fixed mortgage rate is at 4.25%. The 5/1 ARM is also very low at 3.8%. When looking at a historical chart of mortgage rates you can clearly see that these levels are some of the lowest interest rates we have seen in history.
For the entire month of January the 30 year fixed mortgage rate has been between 4.8% and 5%. Many analysts have been calling for higher mortgage interest rates in 2010 but that has yet to happen. Most of these analysts are predicted that mortgage rates are going to start moving higher in the spring. This is when the Federal Reserve Bank plans to conclude their mortgage backed securities purchase program.
When the Fed concludes this program you can expect to see mortgage rates move higher by .5% to 1%. If this is the case we will be seeing 30 year fixed mortgage rates around the 6% mark. Before that happens it would be a good idea to research Wells Fargo refinance mortgage rates as well as many other lenders. Most lenders are currently advertising low mortgage rates in January so it would not hurt to give them a call.
If you continue to wait on the sidelines and hope that mortgage rates are going to move lower you could be missing out on the opportunity of a lifetime. President Obama and his staff have worked very hard to keep interest rates low for an extended period of time so it is now your responsibility to take advantage of these low rates.
Author: Alan Lake
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