Wells Fargo mortgage rates are continuing to drop throughout the day today. The last I saw in the afternoon was 4.65 percent for the 30 year mortgage rate.
Now people are trying to decide how long to wait for mortgage refinancing following yesterday's FOMC announcement. The mortgage rates dropped from 4.875% to 4.625% (30-yr Wells Fargo).
Here are the mortgage rates for the Conforming Loans at Wells Fargo for today, March 20, 2009. The reference is updated at 1:56PM, EST.
The 40 year fixed mortgage rate is 6.875% and the APR is 7.081%. Wells Fargo's 30-year fixed interest rate is 4.625% with the APR being 4.833%. The 15-year fixed rate is close to the 30-year mortgage rate. The lowest is the 5-year ARM. It's currently at 4.375% with the APR being 4.5 percent.
Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally purchase first mortgages up to loan amounts mandated by Congressional directive.
Wells Fargo says that some arger loan amounts are available in eligible areas. In federally designated metropolitan areas, qualified customers may be able to borrow up to $625,500 on conforming1 or FHA loans without paying the typical higher interest rates on jumbo loan amounts. Customers need to contact a local home mortgage specialist to determine the eligibility for a larger loan amount.
These types of mortgage rates are at historical lows. Refinance or not to refinance your mortgage, that's the question.
It all depends on the cost. Refinancing is not free, it costs something. You need to talk to you mortgage specialist and learn every small detail. Also consult the information about Making Home Affordable, that the government has launched to help millions of homeowners.
Today I read in The Frederick News-Post that in regard to the lower rates of Wells Fargo the company is experiencing "a significant increase in contact from customers who want a responsible lender to help them with a refinance or home purchase. This is a great time for customers to achieve homeownership in a way that is sustainable for the long-term," said Greg Gwizdz, executive vice president, national sales manager, Wells Fargo Home Mortgage."
Ways Of Making Home Affordable According To The Home Affordable Refinance or Modification Plan
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