Economic Conversation

Wells Fargo refinance mortgage rates are likely to move higher this week as the 10 year treasury rate yield continues to move up.  After hitting 3.3%, the 10 year yield has moved up to 3.67% in two short weeks.  This likely means that mortgage rates are going to follow this trend.  Unfortunately we have yet to see average mortgage rates move during the strong push higher by the yield.  The last time this happened, mortgage rates moved almost a full percentage point to the upside in just one day.  It will be interesting to see if this happens again.

If you were thinking about refinancing or getting your first mortgage, now would be as good of a time as any to get it done.  If you wait a few months or even a few weeks, you could be looking at mortgage rates in excess of 6%.  Currently the 30 year fixed mortgage rate is sitting around 5.25% but it is hard to believe that it will stay this low.  If you are in the process of completing a mortgage application it might be smart to speed that process up before mortgage rates do see that one day pop of a full percentage point.

Imagine seeing mortgage rates at 5.25% today and seeing over 6% tomorrow.  Well, it is possible, although unlikely, as the 10 year treasury rate yield is predicting that mortgage rates are going to move much higher in the very near future; take action now!