Greetings - The three refinance options of the Making Home Affordable Program announced by the President in February will become available next week, 4/6/2009, starting on Monday but loans cannot be locked and registered until April 7th (Tuesday.)  Together, the three refinance options are called the Home Affordable Refinance Program:

1. Freddie Mac Relief Refinance MortgageSM
2. Fannie Mae Refi Plus TM
3. Fannie Mae DU Refi PlusTM
In summary, these programs are focused on allowing folks to refinance who cannot now refinance due to their current loan to value being over 80%.  For the loans that qualify, borrowers will be able to refinance their Fannie Mae and Freddie Mac loans to obtain current home mortgage rates to save on their monthly payments.  Please call or email me if you'd like to receive additional information as it becomes available.  Have a nice weekend.  Leisa

Wells Fargo Economist Summary:
The road to recovery is not without its potholes. Watch out! Falling incomes could derail the nascent rebound in consumer spending.  Check out this week's Financial Market Strategies report to find out more.

<<Apr 3 FMS.pdf>>
Wells Fargo Mortgage Rate Update:
as of 04/03/2009 02:38 PM

Product Interest Rate   APR    
Conforming1 Loans                      
40-Year Fixed   6.625%  6.827% 
30-Year Fixed   4.875%  5.086% 
20-Year Fixed   5.125%  5.416% 
15-Year Fixed   4.625%  4.989% 
5-Year ARM      4.375%  4.500% 
Jumbo2 Loans – Amounts that exceed conforming loan limits1                     
30-Year Fixed   6.500%  6.651% 
5-Year ARM      5.375%  4.805% 
FHA – loan limits vary by county.                      
30-Year Fixed   5.000%  5.645% 

All rate quotes shown come with one point as an origination fee

FOR WELLS FARGO ECONOMIC REPORT GO TO :  

www.wellsfargo.com/com/research/economics/index