San Francisco-headquartered top lender, Wells Fargo (NYSE:WFC) updated its loan information for Tuesday, August 5, which shows that interest rates have remained firm on the majority of home purchase and refinance loans.
On Tuesday, the 30-year fixed rate loan, which can be used for mortgage refinancing purposes, is published at a rate of 4.500% at Wells Fargo. Borrowers, who are interested in obtaining the 15-year fixed mortgage, can expect to pay 3.625% interest cost.
Under its refinance loan program Wells Fargo offers the FHA-insured 30-year fixed mortgage for as low as 4.250%. Individuals, who are seeking flexible interest rate conditions, may want to consider the 5-year ARM, as it’s coming out at a competitive rate (3.500%). Another flexible loan, the 5-year ARM FHA mortgage, has a lending rate of 3.375% on Tuesday. Further information on Wells Fargo’s current refinance rates, as wells as details on home purchase loan options can be found below.
Wells Fargo offers excellent mortgage interest rates under both its home purchase and refinance programs, so those potential borrowers who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some suitable loan products at this lender.
Wells Fargo Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.250%, 4.335% APR
30-Year Fixed FHA Mortgage: 4.125%, 5.710% APR
15-Year Fixed-Rate Mortgage: 3.500%, 3.647% APR
7-Year Adjustable Rate Mortgage (ARM): 3.375%, 3.117% APR
5-Year ARM FHA: 3.250%, 3.968% APR
The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in New Haven, Connecticut. The interest rate reflects a 60 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.
Wells Fargo Refinance Rates
30-Year Fixed-Rate Mortgage: 4.500%, 4.538% APR
30-Year Fixed FHA Mortgage: 4.250%, 5.267% APR
15-Year Fixed-Rate Mortgage: 3.625%, 3.708% APR
5-Year Adjustable Rate Mortgage (ARM): 3.500%, 3.076% APR
5-Year ARM FHA: 3.375%, 3.548% APR
Please, bear in mind, that the present mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.
For more information on Wells Fargo’s home purchase and refinance mortgage interest rates, as well as details on loan assumptions and borrowing terms and conditions, please see the financial institution’s website.