Wells Fargo (NYSE: WFC), which is one of the leading mortgage loan providers in the U.S., has updated its mortgage rate information for Friday, August 15. The interest rate quotes given are liable to change without prior notice and can vary when the loan is approved or the funds are disbursed. The annual percentage rate (APR) calculations were made using closing costs and discount points, assuming that the customer will conform to the loan conditions, which include lock-in periods.
The financial institution’s mortgage refinancing options include the long-term, 30-year fixed mortgage, which can be obtained at a rate of 4.250% and it comes with an APR figure of 4.330% on Friday. The 15-year FRM has an opening rate of 3.500%, whilst the corresponding APR is listed at 3.601%.
The FHA-insured version of the 30-year fixed home refinance loan is quoted at a rate of 4.000% and an APR variable of 5.105% rounds out the package.
Adjustable rate mortgages (ARMs) could be suitable alternatives for borrowers who need more flexibility in terms of interest rates. Currently, the 5/1 ARM is advertised at a rate of 3.375% and it carries an APR variable of 3.042%. The lender is offeirng the 5/1 ARM FHA mortgage at a rate of 3.250% and the loan bears an APR figure of 3.489%.
Wells Fargo’s mortgage loan portfolio also includes home purchase loans. On Friday, the 30-year fixed conventional home mortgage has a lending rate of 4.125% and the loan features 4.209% by way of APR. A shorter-term alternative, the 15-year FRM, is published at a rate of 3.500%, whilst the APR on this loan stands at 3.647%.
The bank also provides non-conforming home loans for those who are able to meet its credit standards. Presently, the 30-year fixed jumbo mortgage is coming out at a rate of 4.000%. This type of home purchase loan carries 4.028% by way of APR. The 7-year ARM, under the bank’s jumbo loan portfolio, has an asking rate of 3.125% and it comes with an APR of 2.947% on Friday.
Full details on Wells Fargo’s latest mortgage rates, loan assumptions and terms and conditions, please take a look at the lender’s website.
As far as current national mortgage rates are concerned, Freddie Mac reported on Thursday that the 30-year fixed mortgage averaged 4.12% this week, an improvement of 2 basis points compared to the prior week’s data. The 15-year fixed mortgage loan averaged 3.24% this week, a decrease since last week, when it averaged 3.27% in interest.