The interest rate on the flexible 5-year ARM for home purchase was lowered to 2000% at top U.S. lender Wells Fargo (NYSE:WFC) this Monday. Fixed mortgages on the other hand didn’t have any movement. As for mortgage loans for home refinancing, Wells Fargo offers the FHA-backed 30-year fixed loan at a rate of 3.625%, which is tad lower than the previous 3.750%. 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 packages at this lender.
Wells Fargo Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 3.916% APR
30-Year Fixed FHA Mortgage: 3.250%, 3.671% APR
15-Year Fixed-Rate Mortgage: 2.750%, 3.039% APR
5-Year Adjustable Rate Mortgage (ARM): 2.000%, 2.814% APR
5-Year ARM FHA: 2.250%, 2.360% 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: 3.750%, 3.925% APR
30-Year Fixed FHA Mortgage: 3.625%, 4.686% APR
15-Year Fixed-Rate Mortgage: 2.875%, 3.182% APR
5-Year Adjustable Rate Mortgage (ARM): 2.250%, 2.908% APR
5-Year ARM FHA: 2.250%, 2.900% 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 interest rates, as well as details on loan assumptions and borrowing terms and conditions, please head over to the lender’s website.