California-based financial institution, Wells Fargo (NYSE:WFC) updated its home purchase and refinance loan information for May 27, 2015. Updated details on Wells Fargo’s mortgage interest rates and APRs are listed below. Wells Fargo provides excellent mortgage rates under both its home purchase and refinance loan programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some ideal loan packages at this bank.
Wells Fargo Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 4.061% APR
30-Year Fixed FHA Mortgage: 3.875%, 4.884% APR
15-Year Fixed-Rate Mortgage: 3.375%, 3.445% APR
7-Year Adjustable Rate Mortgage (ARM): 3.250%, 3.153% APR
5-Year ARM FHA: 3.375%, 3.572% 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: 4.125%, 4.173% APR
30-Year Fixed FHA Mortgage: 3.875%, 4.917% APR
15-Year Fixed-Rate Mortgage: 3.375%, 3.476% APR
7-Year Adjustable Rate Mortgage (ARM): 3.250%, 3.171% APR
5-Year ARM FHA: 3.500%, 3.649% 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.
Freddie Mac, which is based in McLean, VA, announced last week, that the average rate on the 30-year fixed loan improved to 3.84% from the previous 3.85%. In addition, the interest rate on the shorter-term 15-year fixed mortgage fell to 3.05% during the past week. A week earlier this type of mortgage loan averaged a rate of 3.07%, according to the organization.
Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan edged up to 4.03% during the past week. The interest rate on the shorter-term, 15-year mortgage surged at 3.23%, according to the survey. The interest rate on the 5/1 ARM soared in the company’s latest survey, this type of mortgage is now hovering at 3.19%.
For additional details on the latest home purchase and refinance mortgage interest rates at Wells Fargo, as well as information on borrowing terms and conditions and loan assumptions, please check the bank’s website.