San Francisco-headquartered financial institution, Wells Fargo (NYSE: WFC), provides various home purchase and refinance mortgage loan packages for its customers.
San Francisco-headquartered financial institution, Wells Fargo (NYSE: WFC), provides various home purchase and refinance mortgage loan packages for its customers. The latest mortgage information from the lender, updated for February 1, 2015, can be seen below. Please, take note, that the current mortgage rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions.
At this major U.S. mortgage lender, the 30-year home refinance loan is currently listed at a rate of 3.750%. The annual percentage rate, which represents the interest, mortgage insurance and other costs of the loan at a yearly rate, is set at 3.787%. The 15-year fixed mortgage loan is quoted at a rate of 3.250%, whilst the APR is coming out at 3.316%, according to the latest data.
Heading over to government loans, the 30-year FHA-backed loan comes with lower down payment condition that standard conventional loans, therefore this type of mortgage can be an attractive option for some borrowers. Currently, the aforementioned loan is offered at a rate of 3.750% and it bears an APR variable of 4.791%.
Furthermore, the financial institution provides adjustable rate mortgage (ARM) loans for customers seeking more interest rate flexibility. Wells Fargo is currently offering the 7-year adjustable rate loan, for mortgage refinancing purposes, at a rate of 3.250% and the loan package is accompanied by an APR of 3.084%. Another flexible type of loan, the 5-year ARM FHA, has an opening rate of 3.250%, whilst the APR is set at 3.452%.
Wells Fargo’s mortgage loan portfolio also includes home purchase loans. Currently, the 30-year fixed conventional home mortgage is quoted at a rate of 3.625% and the loan features 3.685% by way of APR. A shorter-term alternative, the 15-year FRM, is available on Sunday at a rate of 3.125%, whilst the APR on this loan is set at 3.214%.
The bank also provides non-conforming home loans for its clients. The 30-year fixed jumbo home loan is offered at a rate of 3.875%. This type of loan features 3.875% by way of APR. The 7-year ARM, under the bank’s jumbo loan portfolio, has an opening rate of 3.000% and it’s coupled with an APR of 2.948%.
Please, check the lender’s website for updated mortgage information or contact a loan officer in charge.
Mortgage-finance company, Freddie Mac announced this Thursday, that the average rate on the 30-year fixed loan increased to 3.66% from the previous 3.63%. Meanwhile, the average rate on the shorter-term 15-year fixed loan advanced to 2.98% this week. A week earlier this type of mortgage loan was hovering at a rate of 2.93%, according to the organization.