Major U.S. financial institution, Wells Fargo (NYSE:WFC) disclosed the updated mortgage information for its conventional and non-conventional loans on March 14, 2015. Current details on 30-year and 15-year fixed rate loans, discount points and annual percentage rates (APRs) are discussed below. This bank offers 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 mortgage, may find some suitable loan solutions at this bank.
Wells Fargo Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 4.050% APR
30-Year Fixed FHA Mortgage: 3.750%, 4.782% APR
15-Year Fixed-Rate Mortgage: 3.500%, 3.543% APR
7-Year Adjustable Rate Mortgage (ARM): 3.375%, 3.212% APR
5-Year ARM FHA: 3.250%, 3.536% 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%, 4.147% APR
30-Year Fixed FHA Mortgage: 3.875%, 4.905% APR
15-Year Fixed-Rate Mortgage: 3.500%, 3.565% APR
7-Year Adjustable Rate Mortgage (ARM): 3.375%, 3.229% APR
5-Year ARM FHA: 3.500%, 3.638% 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, reported on Thursday, that the average rate on the 30-year fixed loan moved up to 3.86% from the previous 3.75%. On the other hand, the average rate on the shorter-term 15-year fixed loan surged to 3.10% this week. A week earlier this type of mortgage loan was hovering at a rate of 3.03%, according to the firm.
A different company, Bankrate also published its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage increased to 3.97% this week. The interest rate on the shorter-term, 15-year mortgage ticked up by 2 basis point to 3.18%, according to the the latest data. The current rate on the 5/1 adjustable rate mortgage improved in Bankrate’s survey, this type of loan is now hovering at 3.23%.
For more 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 see the lender’s website.