30 Year Fixed Mortgage Rates – Wells Fargo Loan Rates Still Low
Posted on | February 15, 2010 | 1 Comment
The average for 30 year fixed mortgage rates has been very low for the entire year of 2010. At the present time we are seeing 30 year fixed mortgage rates around 4.8%. Wells Fargo and many other major mortgage lenders continue to report that loan rates are still low. No one knows if this will continue when the Federal Reserve Bank decides to stop buying mortgage backed securities at the end of March.
On March 31st, 2010 the Federal Reserve Bank is going to stop purchasing mortgage backed securities which could definitely push mortgage rates higher. Some analysts have predicted that mortgage interest rates are likely to move up as much as one full percentage point when the Fed stops this purchase program.
With the Fed taking their hand out of the pot it is going to be the case that the market sets interest rates. If the market is going to set interest rates then we are probably going to see mortgage rates closer to 6% than 5%. If this is true then you will want to contact Wells Fargo or any mortgage lender of your choice to lock in to a low rate today.
Any major financial decision is very important in your life but it is even more important when your home is involved. Your home is likely to be the biggest investment of your life so you will want to make sure that you make the proper decision when it comes to getting a low mortgage interest rate.
Author: Alan Lake
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One Response to “30 Year Fixed Mortgage Rates – Wells Fargo Loan Rates Still Low”
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February 17th, 2010 @ 3:39 pm
“The average for 30 year fixed mortgage rates has been very low for the entire year of 2010.”
I assume you mean the entire year of 2009? Or just the first part of 2010?