I got an email update from my friends at Wells Fargo. It got my attention FAST! Following a week that saw the average interest rate for 15 year mortgages fall to a historical lows in the 3% range, Wells Fargo has announced a "special" on interest rates through September 7th!
All of these interest rates are phenomenal, but seriously, did you ever think you would see the day that you could get a mortgage in the 2% range?
Conventional
30 year FIXED 4.375%
15 year FIXED 3.75%
10 year ARM 3.375% (How many people stay in their home for more than 10 years??)
5 year ARM 2.75%!!!
FHA
30 year FIXED 4.25%
15 year FIXED 4.0% (with a 0.25% credit to closing costs)
5 year ARM 2.75%!!!
On the FHA ARM, adjustments are capped at 1% per year after the initial 5 year fixed period. So the highest the rates will climb if you locked in at 2.75% would be at 3.75% year 6, 4.75% year 7, etc.
The pricing special ends on September 7th on conventional and government insured mortgages. Loans must be locked by then to qualify. These rates are NOT available for refinances of existing mortgages.
Let me know if you would like an introduction to one of the folks at Wells Fargo. Honestly, if you are still sitting on the fence waiting for the elusive bottom of the market, with rates this low there is no reason to stay put. Hop down and get moving, or odds are you'll wish you had!
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