On Thursday, a number of U.S. lenders, including Wells Fargo (NYSE:WFC) lowered interest rates on their mortgage loans. Moreover, at the California-based top lender we noticed further reductions in mortgage rates on certain loans on Friday. One of the refinance loans, which now carries a lower rate is the 15-year FRM, as it’s coming out at 3.500%. The standard 30-year fixed refinance loan retained its level at 4.375%. Moving on to non-conventional loans, the federally insured 30-year fixed FHA mortgage is published at a rate of 4.250%. Borrowers, who rather opt for adjustable rate mortgages (ARMs), will see the 5/1 ARM being offered today at a rate of 3.250%. The 5/1 ARM FHA hasn’t seen any movement, as the opening rate is set at 3.250%. More information on Wells Fargo’s latest refinance mortgage rates, as well as details on current home loan rates 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 loan, may find some ideal mortgage loans at this lender.
Wells Fargo Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.500%, 4.505% APR
30-Year Fixed FHA Mortgage: 4.125%, 5.209% APR
15-Year Fixed-Rate Mortgage: 3.500%, 3.618% APR
5-Year Adjustable Rate Mortgage (ARM): 3.375%, 3.021% APR
5-Year ARM FHA: 3.000%, 3.361% 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: 4.375%, 4.460% APR
30-Year Fixed FHA Mortgage: 4.250%, 5.837% APR
15-Year Fixed-Rate Mortgage: 3.500%, 3.647% APR
5-Year Adjustable Rate Mortgage (ARM): 3.250%, 3.001% APR
5-Year ARM FHA: 3.250%, 3.968% 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 take a look at the lender’s website.