Please use Subprime Blogger to keep up with mortgage rate trends as they are ever changing.? I also offer several articles on how to get low Wells Fargo mortgage rates.

A fixed rate mortgage is what many Americans are looking for now that we have all seen what happens when an adjustable rate mortgage resets and home owners do not have the money to make the payments.? The one major plus about a fixed rate mortgage is that it will be consistent throughout the lifetime of your home loan.? There will be no “resets” that increase your mortgage payment by as much as 200% and there will be no guessing games when it comes to how much you owe.? Each month you will get the same amount to pay, unless you start paying more which will reduce your bills on the back end of the home loan.

Getting the best fixed rate mortgage takes time and research.? If you just walk into a mortgage lenders office and ask for the best rate, they are going to test your knowledge of the market.? If they offered you a 5.5% mortgage rates today and you didn’t bat an eye, they know that you have not been following mortgage rate trends.? If you had been following average mortgage rates, you would know that daily mortgage rates have been in the 5.25% range.? Obviously there are many other factors when it comes to getting a low mortgage rate, but if they just generically tell you 5.5% I would question them and prove your mortgage rate knowledge.

One of the other important factors in getting the best fixed rate mortgage is the value of your home.? When you go through the refinance appraisal step, you will find out how much the bank really thinks your home is worth.? I have had many friends and family members who were shocked when they found out that their homes were worth up to 30% less than they expected.? If you have seen a foreclosure or short sale in your neighborhood or close by, it is likely the value of your home has went down quite a bit.? If your loan-to-value is higher than 105% you will likely be paying a higher interest rate.

The Obama Refinance plan has been increased to 125% loan-to-value, but this does not mean that if you are in that range that you will get the low mortgage rates that are being advertised.? You have the ability to refinance but that does not mean you are going to get the low daily mortgage rates that you see all over the internet and on television.? Ultimately, the financial condition you and your spouse are in will determine if the best fixed rate mortgage for you has a low interest rate.