California-based major financial institution, Wells Fargo (NYSE: WFC), updated its mortgage information for May 11, 2015.
California-based major financial institution, Wells Fargo (NYSE: WFC), updated its mortgage information for May 11, 2015. Take note, that the interest rate quotes are given presuming the borrower has strong credit status and that he is ready to pay 1.00% of the total loan value in origination costs. The lender’s latest mortgage interest rates can be found below.
As far as current refinance rates are concerned, the long-term 30-year fixed mortgage is listed by Wells Fargo at a rate of 4.125%. The loan’s annual percentage rate is published at 4.173%. Mortgage shoppers, who lean toward the 15-year home refinance loan can expect to pay 3.375% in interest. This type of loan carries 3.458% by way of APR.
The FHA-backed version of the 30-year fixed mortgage, which can be used for refinancing purposes, is listed at a rate of 3.875%, according to the latest data. The APR variable on the loan package is coming out at 4.894%.
Adjustable rate mortgages (ARMs) could be ideal solutions for borrowers who are looking for flexible interest rates. The 7-year ARM loan product is quoted at a rate of 3.375%, whilst the APR is coming out at 3.209%. On the other hand, Wells Fargo’s 5/1 ARM FHA has a lending rate of 3.500% and it features an APR of 3.638%.
Turning attention to Wells Fargo’s current home loan options, the benchmark 30-year fixed conventional mortgage is quoted at a rate of 4.125%. The aforementioned loan bears 4.150% by way of annual percentage rate. Wells Fargo’s shorter-term, 15-year fixed home purchase loan is listed at a rate of 3.375% and the loan is coupled with an APR figure of 3.427%.
Borrowers, who are seeking non-conforming home purchase loan option at this lender, will see the 30-year fixed mortgage loan with a jumbo balance being offered this Monday at a rate of 4.000%. This type of mortgage loan features an annual percentage rate of 4.000%. Others, who opt for the 7-year ARM jumbo loan package, can expect to pay 3.250% interest cost. The aforementioned loan is coupled with an APR figure of 3.131%.
Please, head over to Wells Fargo’s website for updated mortgage interest rates or contact the loan officer in charge for more information.
Mortgage-buyer, Freddie Mac reported last week, that the average rate on the 30-year fixed mortgage soared to 3.80% from the previous 3.68%. On the other hand, the average rate on the shorter-term 15-year fixed mortgage ticked up to 3.02% last week. Previously this type of mortgage loan was hovering at a rate of 2.94%, according to Freddie Mac.