FollowWells Fargo(NYSE: WFC)is undoubtedly the market leader in the American mortgage industry, making roughly one-third of all the mortgages in the US. However, contradicting such past figures & glory, the bank slashed the interest rates of all its mortgage loans, includingrefinancing options on Friday, May 24th, 2013.
The fourth largest bank in theUnited States by total assets – Wells Fargo, reduced its interest rates & APR’s to primarily meet the competition.
After Thursday’s revision, WF’s standard 30 year fixed rate loan’s interest was quoted to be 3.875% with an APR of 4.042%. With the FHA backing the same loan would be having the interest ratesof 3.750% yielding an APR of4.879%.For home owners looking to ease the burden of their Home loans with a low monthly Principal & Interest payment. The shorter term 15 year fixed rateloanswere quoted at 3% interest rate and would carry an APR of 3.291%.
For borrowers seeking moreinterest rate flexibility, the bank also offers Adjustable Rate Mortgage (ARM) Loans for both buying a home and refinancing your mortgage. The 5-Year ARM of WF now has an interest of 2.250% and APR of 2.817%, to confront balances & confirm repayment. The FHA variant of the same loan would bear an interest of 2.250% and an APR of 2.942%. Large 30 year refinanceARM loans are now being sold at 2.375% interest and APR of 2.821%.
Larger and Jumbo loan amounts are also granted by WF, but for financedproperties located incertain eligible areas only.
All these figures, sourced from the Wells Fargo website are subject to variation based upon market activity as Mortgage rates fluctuate everyday depending on the index to which they’re tied. So it’s advised that you consult any of the Wells FargoMortgage Retail offices, as you get even better deals based upon your credit history, area of property and down payment amount.
