Wells Mortgage Rates August 6, 2010
Wells Mortgage rates have continued to decline to low levels across a variety of mortgage loan types and products. Average mortgage interest rates are currently at record low rates that have not been seen for 50 years. Along with the record low average rates, Wells Mortgage rates have fallen as well.
While mortgage rates from Wells Fargo and other bank mortgage lenders push down to record lows, the underwriting standards to obtain home loans for purchases and refinance transactions, unfortunately remain tight.
A 30 year fixed rate loan from Wells Fargo can be obtained with an interest rate at 4.50% while the 15 year mortgage rate at Wells can be obtained at below 4.0%.
Current Wells Mortgage rates include:
30 year fixed mortgage rate at 4.500% with 1.0 point and a 4.686% APR.
15 year fixed mortgage rate 3.750% with 1.0 point and an APR of 4.069%.
30 year fixed FHA mortgage rate is also at 4.500% with 1.0 point and a 5.233% APR.
A 5 year adjustable rate mortgage is available at 2.875% with 1.0 point and an APR of 3.291%.
A Wells Fargo jumbo mortgage rate on a 30 year term is at 5.125% with 1.0 point and a 5.264% APR.
A 5 year ARM jumbo loan has a mortgage rate of 4.250% and 1.0 point with a 3.734% APR.
The current mortgage interest rates from Wells displayed are based on home loan for a new purchase of a single family, primary residence with a minimum 20% down payment. Wells Mortgage has numerous other loan options available including different mortgage interest rates and point options for the loan program displayed.
Wells Mortgage rates displayed are current as of the date of the latest update and is subject to change by the bank without notice. All mortgage loans and mortgage rates require bank approval. Other restrictions may apply.
The adjustable rate mortgage has an initial fixed rate period after which time the mortgage interest rate can change annually and any change will impact the monthly mortgage payment.
Jumbo Loan Rates April 2, 2010
Jumbo loan rates have ratcheted up in the past week along with conforming mortgage rates based on the most recent survey of jumbo mortgage rates performed by Findlocalmortgagerates.com. The top five bank mortgage lenders measured in the survey offered an average 30 year jumbo home loan of 5.60% with 1.039 points and an APR of 5.737%.
Jumbo loans are mortgages with loan amounts greater than the conforming loan limit. The cutoff for the single-family home conforming loan limit is $417,000 and $729,750 in certain high-cost areas. The amount that delineates a jumbo mortgage is redefined each year when the conforming loan amounts of FNMA and FHLMC are established.
Because jumbo loans are bought and sold on a much smaller scale than conforming loans, they usually have a slightly higher interest rate. The difference between the conforming loan amount mortgage rate and jumbo mortgage rate will also vary with the economy.
The top five mortgage lenders used to determine this weeks mortgage rates on a jumbo loan included: Chase Mortgage, Bank of America, Wells Fargo Home Mortgage, GMAC Mortgage and US Bank.
This week’s survey results for the individual bank mortgage lenders for jumbo loan rates.
Chase Mortgage offered a 30 year fixed rate jumbo loan at 5.875% with 1.0 point and an APR of 5.998%.
Bank of America jumbo loan rate is 5.625% with 0.875 points and a 5.749% APR.
Wells Fargo Home Mortgage 30 year fixed rate jumbo home loan has a rate of 5.500% and 1.0 point with an APR of 5.637%.
GMAC Mortgage promotes a 30 year jumbo mortgage with a mortgage rate of 5.50% and 1.32 points with a 5.641% APR.
US Bank’s jumbo mortgage rate is 5.50% and 1.0 point and a 5.660% APR.
While these are the mortgage rates are for a 30 year fixed rate jumbo loan, these bank mortgage lenders offer additional loan programs as well as additional rate and point options.
Pricing of jumbo loans is generally more dependent on attributes regarding the loan such as loan amount, down payment, property type, property location than conforming loans. The down payment alone on a jumbo loan can cause a change in the mortgage rate while the rate on a conforming loan will almost always be consistent as long as the down payment is 20% or greater. This is just an example to make borrowers aware that jumbo loan rates and costs will vary significantly more than conforming loans. Compare mortgage rates and call the mortgage lenders for more details.
Mortgage rates and terms are accurate as of this publication date but are not guaranteed. Mortgage interest rates may change and are subject to bank approval and conditions.
The following list includes the contact phone number for each mortgage lender listed:
Chase Mortgage 800-873-6577
Bank of America 800-586-9861
Wells Fargo Home Mortgage 877-937-9357
GMAC Mortgage 877-941-4622
US Bank 888-831-7524