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Mortgage Rates Today: Wells Fargo Fixed, ARM and FHA Refinance Mortgage Rates for May 7, 2013


By Elizabeth Atkins | 7 May 2013

Mortgage Rates Today: Wells Fargo Fixed, ARM and FHA Refinance Mortgage Rates for May 7, 2013Wells Fargo (NYSE: WFC) is a top bank in the United States offering several options for home refinancing. The bank takes in loans with conforming balances, larger amounts, and jumbo balances. It also offers loans that are insured by the Federal Housing Administration (FHA) for borrowers with low credit scores.

The 30-year fixed rate home refinance mortgage for conforming loan balances carries a mortgage rate of 3.5% and an annual percentage rate (APR) of 3.663%, unchanged from Monday’s rates. The 30-year fixed rate FHA-backed loan for conforming amounts is quoted at an interest rate of 3.25% and a corresponding APR of 4.324%, same as the previous quotes. The shorter-term 15-year fixed rate home refinance loan comes with an interest rate of 2.750% and an equivalent 3.039% APR.

For larger loan amounts, the property to be financed must be located in an eligible area. The 30-year fixed rate home refinance loan for larger loan amounts in eligible areas is offered at a mortgage rate of 3.625% and an APR of 3.748%. The 30-year fixed rate FHA-backed home refinance mortgage for these kinds of balances can be secured at an interest rate of 3.25% and an APR of 4.278%.

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The 30-year fixed rate home refinance loan for jumbo balances comes with a mortgage rate of 3.875% and an effective APR of 3.986%.

Borrowers who need more flexibility in terms of interest rates may want to use the adjustable rate mortgage (APR) options from Wells Fargo. These come with afixed interest rate period then the rate is adjusted depending on prevailing interest rates at the reset schedule for the rest of the loan’s duration.

The 5/1 ARM for conforming balances is available at an interest rate of 2.125% and an equivalent APR of 2.857% while the 5/1 ARM home refinance loan for larger loan amounts in eligible areas carries a rate of 2.375% and an APR of 2.903%.

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