Homeowners with Wells Fargo are still able to get a low interest rate when refinancing their mortgage, but many are wondering if these low rates are going to last. Wells Fargo, along with other lenders, have been seeing low interest rates for a long while and many homeowners have been able to refinance and take advantage of those rates.
Typically, homeowners are refinancing to a 30-year fixed rate mortgage with a low interest rate and getting a low mortgage payment as a result. This is common among homeowners that are not only wanting the lower rate on their mortgage but also less strain in their mortgage payment.
However, the Federal Reserve announced they would stop buying mortgage-backed securities at the end of March and many feel this is going to cause mortgage rates to rise. While this may be the case, currently interest rates remain around 5% for most and some homeowners have seen rates as low as 4.75%
If you are looking into refinancing and the analysts who feel rates may be on the rise are correct, the present time may be your best bet for a low interest rate on refinancing. However, be sure you understand the costs and responsibility that comes with refinancing your home loan and make certain it is the right option for you.