California-based major financial institution, Wells Fargo (NYSE: WFC), updated its mortgage information for March 13, 2017. 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.
First, looking at current conventional home refinance loans, the 30-year FRM is now listed at a rate of 4.500% and it’s coupled with an APR variable of 4.538%. Borrowers, who believe the 15-year refinance loan fits the bill better, will see this type of loan carrying 3.750% interest. The aforementioned loan package bears an APR of 3.852%.
The FHA-backed version of the 30-year fixed mortgage, which can be used for refinancing purposes, is listed at a rate of 4.500%, according to the latest data. The APR variable on the loan package is coming out at 5.552%.
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 3.875%, whilst the APR is coming out at 4.053%. On the other hand, Wells Fargo’s 5/1 ARM has a lending rate of 3.750% and it features an APR of 4.047%.
The lender’s mortgage loan portfolio also includes home purchase loans. The 30-year fixed conventional home mortgage has a lending rate of 4.375% and the loan comes with 4.416% by way of APR. A shorter-term alternative, the 15-year FRM, is offered today at a rate of 3.750%, whilst the APR on this loan is published at 3.820%.
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 4.500%. This type of home purchase loan carries 4.538% by way of APR. The 7-year ARM, under the bank’s jumbo loan portfolio, has an asking rate of 3.875% and it comes with an APR of 4.053%.
The mortgage interest rates mentioned in the article are subject to change and are not guaranteed. Vist Wells Fargo’s website for updated loan information or contact a loan officer for more details on current mortgage interest rates.
Virginia-based housing finance company, Freddie Mac announced last week, that the average rate on the 30-year fixed mortgage surged to 4.21% from the former 4.10%. In addition, the interest rate on the shorter-term 15-year fixed mortgage rose to 3.42% last week. A week earlier this type of mortgage loan averaged a rate of 3.32%, according to Freddie Mac’s latest PMMS survey.