Wells Fargo Refinance Mortgage Rates – Loan Rates Jump on March 2
Posted on | March 2, 2010 | No Comments
Wells Fargo refinance mortgage rates have been very low for the entire year of 2010 but we are seeing loan rates jump early on March 2. At the present time we are seeing the average for 30 year fixed mortgage rates up to 4.83%. While this is still very low it is above the levels of 4.8% we saw yesterday.
Most mortgage lenders are currently advertising mortgage rates well below 5% but is extremely important to understand that not everyone will qualify for a rate this low. You will need a very good credit score, preferably above 740, and a significant amount of equity in your home to get mortgage rates near these low advertised levels.
Wells Fargo and most major banks have been advertising their home loans division very hard. With interest rates very low now is the time to gain as many customers as possible. It is a win-win situation for both the customers and the banks. Customers have access to low interest rates which will lower their overall monthly mortgage payments and banks have access to more customers which increases their profits.
It is very important to step back and look at the overall picture before deciding that you need to refinance your current home loan. If you have been struggling to make ends meet financially and your credit score has dropped over the last several months then it is possible that the refinance rate you qualify for one not be attractive
Author: Alan Lake
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