Today’s Mortgage Rates of Wells Fargo 10/15/2013; Wells Fargo Downgrades Nationstar Mortgage

Today's Mortgage Rates of Wells Fargo 10-15-2013Earlier today Streetinsider reported that Wells Fargo has downgraded Nationstar Mortgage (NYSE:NSM). The downgrade was from Outperform to Market Perform. What does this mean for the valuation?

NSM has gone to $49-$56 from $54-$62.

Analyst Joel Houck had this to say, “The rise in the primary rate for a 30yr conventional mortgage over the past several months from, 3.50% to 4.50%, has resulted in slower overall mortgage activity which we believe will extend into 2014”

Furthermore, the bank has reported their mortgage rates as of 11AM Eastern this morning.

These rates are published with the assumptions of: “the refinance of a single-family, primary residence, that you pay 1% of your loan amount toward the loan origination charge, a 60 day interest lock-in-period.”

The 30 Year Fixed mortgage rate category is hovering at the same rate we’ve seen at least since last Friday with at 4.500% and the same can be said about the APR rate at 4.673%.

The best 30 Year Fixed FHA (government loan) remains at the interest rate of 4.250% that was seen yesterday. The matching FHA APR stayed at 5.766%.

The 15 Year Fixed rate mortgage is on the books today at a rate of 3.500%, with an APR of 3.795%.

The lower term 5 Year fixed Rate ARM was released this morning at the rate of 3.000% and the APR for the same category was listed at 3.076%. Both values are the same as yesterday.

Rates for the 5 Year ARM FHA showed no change from the day before with interest at 3.250% and APR of 3.902% (APR).

Furthermore, borrowers interested in refinancing can find the 30 Year Refinance Fixed Rate on the books this morning at 4.500% with a corresponding APR rate of 4.629%.

The FHA for the same category didn’t change from the day before and is seen today with a rate of 4.250% and an APR of 5.719%.

The 5 Year ARM can be had today at 3.250% with an APR of 3.124%.

The largest Jumbo loan, the 30 Year Fixed is on the books today at a rate of 4.250%. The APR is listed at 4.363%.

Finally, the 5 Year ARM Jumbo Loan from Wells Fargo remains unchanged at a rate of 2.500%, with the APR listed at 2.850%.

With the exception of the 30 Year Fixed Jumbo Loan which increased from yesterday, all rates for purchase and refinance stayed at the same rate from yesterday.

If you require more information about the rates or to schedule an appointment with a mortgage lender at Wells Fargo, consult the website for contact information.

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

L.J is a contributor covering financial mortgage rates. A freelance writer for various online publications with a great interest in real estate investment.