Wells Fargo Mortgage Rates

Wells Fargo reported record profits yesterday largely from their mortgage banking operations. The bank received $190 billion in mortgage applications in the quarter, a large percentage of the applications came in the month of March when mortgage interest rates started to drop.

Based on their record profit we figured we would take a look at their mortgage rates to see how competitive their rates are. Their mortgage rates aren't the lowest rates around, but they are very competitive for a large bank.

The national average APR for a 30-year fixed conforming loan is 4.985 percent¹, Wells Fargo's rate on a 30-year fixed conforming loan is 5.086 percent².

Loan Term
Show Advertiser Disclosure
Lender
APR / Rate
Fees / Points
Payment
Bison State Bank
NMLS #757416
5.521%
15-Year Fixed
5.375%
$3,812
Includes 0.953 points for $3,812
Lender Fees: $0
$3,242 /mo
Next >
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
5.546%
15-Year Fixed
5.375%
$4,476
Includes 0.944 points for $3,776
Lender Fees: $700
$3,242 /mo
Next >
New American Funding, LLC.
NMLS #6606
5.765%
15-Year Fixed
5.625%
$3,628
Includes 0.907 points for $3,628
Lender Fees: $0
$3,295 /mo
Next >
PenFed Credit Union
NMLS #401822
6.194%
15-Year Fixed
6.000%
$4,995
Includes 0.750 points for $3,000
Lender Fees: $1,995
$3,376 /mo
Next >
Bison State Bank
NMLS #757416
6.562%
30-Year Fixed
6.490%
$2,988
Includes 0.747 points for $2,988
Lender Fees: $0
$2,526 /mo
Next >
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.590%
30-Year Fixed
6.490%
$4,188
Includes 0.872 points for $3,488
Lender Fees: $700
$2,526 /mo
Next >
PenFed Credit Union
NMLS #401822
6.644%
30-Year Fixed
6.500%
$5,995
Includes 1.000 points for $4,000
Lender Fees: $1,995
$2,529 /mo
Next >
New American Funding, LLC.
NMLS #6606
6.713%
30-Year Fixed
6.625%
$3,628
Includes 0.907 points for $3,628
Lender Fees: $0
$2,562 /mo
Next >
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

For a 15-year fixed conforming mortgage the national average is 4.702 percent¹ and Wells Fargo's rate on a 15-year conforming mortgage is 4.989 percent².

Here are the rest of Wells Fargo mortgage rates as of 4/11/09. Check Wells Fargo's website for more recent rates.

ProductInterest RateAPR
  Conforming Loans
40-Year Fixed6.500%6.700%
30-Year Fixed4.875%5.086%
20-Year Fixed5.125%5.416%
15-Year Fixed4.625%4.989%
5-Year ARM4.375%4.500%
  Jumbo Loans
30-Year Fixed6.500%6.651%
5-Year ARM5.375%4.805%
 FHA– loan limits vary by county
30-Year Fixed5.000%5.645%

¹The national average rates as reported by Informa Research Services, Inc..

²Wells Fargo rates as of 4/11/09.

 
Author: Brian McKay
April 11th, 2009

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