Mortgage rates at Wells Fargo have been for an amazing ride over the course of August and we are only halfway through the month. It seems we've been way down, then way up and now we are part way back down again. Mortgage rates are now around 5.1% but that is likely to change quickly because interest rates have been very volatile. The question most Americans want answered is "drop interest rates?"
Well, nobody really knows the answer to that question but one thing is for sure. The government is doing everything in their power to ensure that rates remain at historically low levels. In looking at a long term chart of mortgage rates you will see that we have never been in this territory for such long period of time. As stated earlier, nobody knows where rates are directed but is now a great time to borrow money because they are so low.
President Obama has pushed banks and mortgage lenders lend money to all Americans so you are in an advantage that you once never had. By March, banks and financial institutions piled up their money and not lend to anyone. Now that President Obama has changed that, you have the opportunity to lock in extremely - at a low rate. It will not be easy because you have to do your homework and check out many banks and lenders, but if you take the time and effort to find what's right for you, you could save about $ 10,000 over the course of your mortgage.
Tuesday, November 3, 2009
