Homebuyers looking to get a Wells Fargo home loan may be able to do so with a low interest rate as mortgage rates have stayed around 5%, which is near the record lows that mortgage rates have hovered around over the past few months.
Many people have been looking to buy a home or refinance a home due to these low mortgage rates. For example, a low mortgage rate on a 30 year fixed-rate mortgage is going to bring about, in many cases, a lower monthly mortgage payment.
Many home buyers have had incentives like low interest rates, low home prices, and the first-time home buyer tax credit that have caused them to get into the housing market. Many people who previously felt they could not afford a home have realized that with such low home prices and interest rates that owning a home is just as cheap as renting, in many cases.
However many financial advisers caution against getting into the housing market or tied up in a mortgage commitment before one takes a good look at their personal financial situation. Buying home is a very big responsibility that should not be entered into lightly, so no matter how lucrative getting a home may seem it might not be for everyone and any potential homebuyer must do their homework before going on.