Mortgage Rates Today: Wells Faro Drops Home Purchase Rates
Wells Fargo (NYSE: WFC) lowered its 30 year fixed-rate mortgage from 4.25% to 4.125% yesterday. The new loan carries an APR of 4.307%.
As the Federal Reserve made a move to lower long-term interest rates including mortgage rates, lenders across the country quickly responded by lowering already low mortgage interest rates yesterday.
30 year fixed-rate FHA loans at the bank are 3.875% today with an APR of 4.839%. Jumbo 30 year loans are 4.50% with a 4.634% APR.
Chase bank (NYSE: JPM) leads the pack amongst 30 year fixed-rate suppliers with a quote of 3.75% today. Bank of America (NYSE: BAC) is a bit higher at 4.00%.
15 year fixed-rate loans at Wells Fargo are 3.25% today with an APR of 3.565%. Both Chase bank and Bank of America are also offering 3.25% today for the 15 year home purchase loan.
Adjustable-rate mortgages whose interest rates are determined by short-term index rates did not see the same kind of improvement. Five-year ARMs at Wells are 2.375% to start, while five-year FHA ARMs are 2.75%. Five-year ARMs for jumbo loans are 2.875% today.
The fed will make its purchases over six-month period of time. As is often the case, the news of the fed action may be more impactful to the market than the actual purchase of treasuries over that time.
Visit www.WellsFargo.com for more detailed information about mortgage rates and lending programs.
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