Wells Fargo and Bank of America are two of the biggest mortgage lenders in the country and they have had their troubles in the last several years as has been documented. That being said, we are currently seeing the lowest mortgage rates of 2010 reported today as Zillow.com is reporting 30 year fixed mortgage rates around 4.35% and 15 year fixed mortgage rates around 3.85%. This is great news for both lenders and borrowers.
Lenders will benefit by gaining new customers each and every day even though the new home sales number continues to struggle. When Americans see statistics showing that mortgage rates are at an all time low it will likely be the case that they at least consider a home purchase. With mortgage interest rates so low borrowers benefit by saving a large amount of money on interest over time.
Bank of America and Wells Fargo have had an interesting week of trading on the NYSE but each of these financial giants are looking to end the week on a positive note. For the week, Wells Fargo (WFC) is up .98% while Bank of America (BAC) is up 2.11% going into the open of the market on Friday.
Author: Jeremy North
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