Wells Fargo (NYSE: WFC) released their quarterly mortgage report earlier today and for the 10th straight quarter, reported a new record in profits.
“Wells Fargo continued to demonstrate strong and consistent financial performance in the third quarter,” John G. Stumpf, the bank’s CEO remarked.
Analysts however were slightly wrong in their revenue estimations. The banks revenue dipped from $21.4 billion from $20.5 billion from a year earlier.
This past quarter showed a steep decrease in home loan applications from the last year, going from $188 billion to only $87 billion.
Mortgage originations were also down from $139 billion to $80 billion this quarter. WFC said that the decline in the mortgage revenue was as a result of the decline in refinancing.
In other news, the bank has released their current mortgage rates on their website for the day.
As is the case with all prior daily calculations on the lenders website, the current refinance rates reported today are based on: 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 following rates were made available as of 10/11/2013 9:00 AM Eastern.
In the 30 Year Fixed mortgage rate category, there was an increase from yesterday, with the rate today standing at 4.500%. The corresponding APR value of 4.673% APR also increased from yesterday.
Meanwhile, the government loan (FHA) rate for the same period of 30 Year Fixed has been published at a rate of 4.250%. There is a matching 5.766% FHA. No change from yesterday.
The more popular 15 Year Fixed rate mortgage at Wells Fargo was listed at 3.500%, with an APR of 3.795%.
Moving on to the 5 Year fixed Rate ARM’s, the rate was published at 3.125% and the APR for the same category was listed at 3.120%.
The interest rates for the 5 Year ARM FHA was slightly higher with rates of 3.250% and 3.902% (APR).
Meanwhile, standard 30 Year Refinance Fixed Rate Mortgages are on the books today at a rate of 4.500% which remains unchanged from yesterday. The same goes for the matching APR which is again listed at 4.629%.
The FHA for the same category is listed with a rate of 4.250% and an APR of 5.719%.
For borrowers interested in the 5 Year ARM this can be quoted today at 3.375% and 3.168% for the APR.
Larger 30 Year Fixed Jumbo Loans today have been listed at an increased rate of 4.250%. The APR at 4.363% has also lifted from the day prior. Finally, the 5 Year ARM Jumbo Loan remains unchanged at a rate of 2.500%, with the APR listed at 2.850%. No change in that category.
More details available on Wells Fargo website, or call a mortgage specialist.
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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