I hope you’ve been enjoying my posts lately. I thought I might do something different today and rustle up a few bits of info from around the WWW. These are some of the news items and blog posts that have been popular over the last few weeks. Leave me your thoughts.
Despite low rates, mortgage applications down again
Despite the lowest mortgage rates since May, applications for new home loans continued to taper off, according to a Mortgage Bankers Assn. survey released … Read More…
Colorado mortgage rates drop to 4.65%; new home starts down
Nationwide, the average rate was 4.66 percent on 30-year fixed loans. Zillow says its figures on mortgage rates are based on borrower credit scores over 680 … Read More…
Mortgage Rates Fall This Week; 30-Year Fixed at 4.91%-Freddie
Mortgage rates fell this week, with the average rate on 30-year fixed-rate mortgages retreating further below the psychologically significant 5% level and … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.
Wells Fargo mortgage rates have went for an amazing ride over the course of August and we are only halfway through the month. It seems we have been way down, then way up and now we are way back down again. Mortgage rates are around 5.1% now but that is likely to change quick as interest rates have been very volatile. The question that most Americans want answered is “will interest rates drop?”
Well, no one really knows the answer to that question but one thing is for sure. The government is doing everything in their power to make sure that rates stay at historically low levels. When looking at a long term chart of home loan rates you will see that we have never been in this territory for such a long period of time. As stated earlier, no one knows where rates are headed but now is a great time to borrow money because they are so low.
President Obama has urged banks and mortgage lenders to lend money to all Americans so you are at an advantage that you once never had. Prior to March, banks and financial institutions were hoarding their money and not lending it to anyone. Now that President Obama has changed that, you have the chance to lock in at an extremely low rate. It will not be easy as you will have to do your homework and check out many banks and lenders, but if you take the time and effort to find what is right for you, you could save over $10,000 over the course of your home loan.
Subprime Blogger offers information on Wells Fargo mortgage rates and how you can get a lower interest rate. There is also a column for daily mortgage rates for you to read.
How low can mortgage rates go?
Mortgage rates went back down the 5.5 range this past week. It seems this is a good rate at this time, but really no better than it was about a year ago. Given the economy, I'm hoping they finally decide a viable fix would be to really lower the mortgage rates substantially so that those who have been financially responsible can buy into the market. Realistically, what would the lowest the mortgage rates could get? Thanks!
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