Mortgage Rates Today: Wells Fargo Current Refinance Interest Rates
Low mortgage rates are perhaps the only silver lining in a tumultuous financial cloud fueled by signs of a weakening global economy. Mortgage rates at Wells Fargo (NYSE: WFC) are low and falling. The interest rate for 30 year fixed refinance loans is 4.25% today with an APR of 4.639%. Home purchase interest rates have fallen even further with the 30 year fixed loan at 4.00%.
30 year FHA fixed refi’s are at 3.75% today with an APR of 4.374%. 15 year fixed-rate loans for refinance are 3.25% with an APR of 3.766% today. This is a relatively aggressive quote compared with competitors. Bank of America (NYSE: BAC) is quoting 3.625% for the loan and Chase Bank (NYSE:JPM) is quoting 3.75%.
Five-year adjustable rate mortgages are 2.625% at the bank to start today and five-year FHA adjustable-rate mortgages are 2.875%.
While refinanced rates are attractive, the number of borrowers who can take advantage of the rates is limited by several things. First, rates have been low for quite some time and many of the borrowers who held loans with higher interest rates have already refinanced. Secondly, falling home values make it difficult to refinance because banks typically lend only 75% or 80% of the total value of the home. Third, credit score requirements have become tighter, making the very best interest rates available to fewer borrowers.
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