Mortgage Rates Today: Wells Fargo Monday Deals Offering Excellent Value
After another week of exceptionally low national averages on mortgage rates covering most popular options, Wells Fargo (NYSE:WFC) has once again started the new week by offering some superb deals for both refinances and new home purchases.
With regard to those looking to purchase a home, the 30 year fixed term deal at Wells Fargo is today being advertised for 4.125% which amounts to an APR of 4.307%, while the 15 year terms for home purchase is today being advertised for 3.250% with an APR of 3.565% – both of which are directly in line with the other major lenders of the US.
Larger loan amounts for those in applicable areas can take out 30 year fixed term deals today for 4.250% with an APR of 4.382%, while the 30 year fixed FHA deal under the same terms is now at 4.000% with an APR of 4.924%.
5 year ARM agreements for standard purchases are today at a starting rate of 2.500% with an APR of 3.078%, while the 5 year FHA ARM is being advertised for 2.875% with an APR of 3.052%.
Despite the fact that the bonanza of low mortgage rates for both purchases and refinances has continued long after most had predicted its end, it has sadly not proved enough to spur the boom the housing market so desperately needs. While refinance applications certainly saw an unprecedented peak, 2011 looks set to be the worst year in the last 14 for new home purchases across the US.
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