ask me a year ago if i had thought that the bank rates of around 6% interest on a 30 year fixed mortgage loan was high and i’d say that it seems like it was high compared to what my friends were getting. ask me if i thought that the rates would go down and i would have said that it probably would.
i hopped on to wells fargo’s site to check out what 30 year mortgage rates would be, in case it might be a good time to refinance…heh, HARDLY. i was shocked to see that wells fargo has an advertised 9.75% rate!! they are certainly more conservative than other banks, but man…who would be insane enough to borrow at that rate? i can’t even imagine what the interest is going to be like.
man, tough times for anyone who is looking to buy or refinance now.