Current Mortgage Rates from Wells Fago (October 23, 2013)

Current Mortgage Rates from Wells FagoOne of the prestigious banks of United States, Well Fargo, presented its mortgage rates today with a slight difference from yesterday. In the genre of conforming and FHA loans, the bank decided to charge 4.250% interest rate for the 30-Year Fixed plan. This interest rate resulted in Annual Percentage Rate of 4.421%. Today’s rate in this plan is reduced from 4.375% which the bank was quoting yesterday. For the shorter term, 15-Year plan, the bank offered the rate of 3.375% which makes and APR of 3.669%. For the FHA loans, Well Fargo quoted slightly higher rates. 4.125% is the interest rate for 30-Year fixed FHA with 5.640% APR. 5-Year FHA plan is offered at 3.250% with annual percentage rate of 3.902%. Similarly, 5-Year adjustable rate mortgage are offered at 3.000% rate with 3.076% APR.

In the genre of “Larger Loan Amount in Eligible Area”, 30-Year Fixed rate mortgage are offered at similar rate as that of conforming loans. However, the APR deviated from 4.421% to 4.377% here. The bank has quoted 4.250% rate for the 30-Year Fixed rate FHA which crafts an APR of 5.719%. In the same genre, 5-Year ARM are available with 3.250% interest rate with 3.124% APR.

In the third and special genre of “Jumbo” loans, Well Fargo is offering 30-Year fixed loans at 4.000% rates and 5-Year ARM at 2.375% rates with 4.112% and 2.808% APR respectively.

If compared with the other big banks, Well Fargo quoted slightly higher rates as Bank of America is charging 4.125% interest rate for its 30-Year fixed rate plan whereas Well Fargo is quoting 4.250%. Also, in 15-Year fixed rate plan there is a slight difference of 0.125% as BOA is offering it at the lower rate of 3.250% whereas Well Fargo is asking for the interest rate of 3.375%.

Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.

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About the author

Rob is a analyst and reporter covering stocks and business news.