Mortgage rates on conventional and non-conventional home purchase and refinance loans were updated by one of the largest lenders in the country, Wells Fargo (NYSE:WFC), for Monday, May 11. For information on the bank’s latest mortgage interest rates, discount points and APRs, please check the data below. This bank advertises 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 suitable loan solutions at this bank.
Wells Fargo Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 4.150% APR
30-Year Fixed FHA Mortgage: 3.750%, 4.782% APR
15-Year Fixed-Rate Mortgage: 3.375%, 3.427% APR
7-Year Adjustable Rate Mortgage (ARM): 3.250%, 3.163% 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%, 4.173% APR
30-Year Fixed FHA Mortgage: 3.875%, 4.894% APR
15-Year Fixed-Rate Mortgage: 3.375%, 3.458% APR
7-Year Adjustable Rate Mortgage (ARM): 3.375%, 3.209% 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.
Mortgage-buyer, Freddie Mac announced last week, that the interest rate on the 30-year fixed mortgage soared to 3.80% from the previous 3.68%. Meanwhile, the average rate on the shorter-term 15-year fixed loan increased to 3.02% last week. Previously this type of mortgage loan was hovering at a rate of 2.94%, according to the housing giant.
Bankrate also published its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage edged up to 3.99% last week. The interest rate on the shorter-term, 15-year mortgage rose at 3.17%, according to the survey. The current rate on the 5/1 adjustable rate mortgage increased in the company’s latest survey, this type of loan is now coming out at 3.19%.
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 financial institution’s website.