Wells Fargo Mortgage Rates: Current 30-Year Rates at 5.625%

Wells Fargo is offering some of the best mortgage rates available today on both the bank's fixed rates mortgages and adjustable mortgages. Current mortgage rates on 30-year loans are at 6.375% with an APR of 6.569%.

Wells Fargo is one of the largest banks in the United States and provides a wide range of financial products and services, including mortgages for home purchases and refinancing mortgages. Wells Fargo offers several types of mortgages with varying rates and terms.

The most popular type at Wells Fargo is the 30-year fixed rate mortgage. With a fixed-rate mortgage, the mortgage rate remains the same throughout the life of the loan. This means that your monthly payments will also remain the same, which can be helpful for budgeting purposes. Wells Fargo offers fixed-rate mortgages with terms of 10, 15, 20, and 30 years.

Wells Fargo Mortgage Rates Include:

Conforming Mortgage Rates

  • 30-Year Mortgage Fixed-Rate 6.375% APR 6.569%
  • 15-Year Mortgage Fixed-Rate 5.625% APR 5.792%
  • 30-Year Mortgage Fixed-Rate VA 5.75% APR 6.098%
  • 7/6-Month Mortgage Adjustable-Rate 6.00% APR 6.802%

Jumbo Mortgage Rates

  • 30-Year Mortgage Fixed-Rate 5.625% APR 5.736%
  • 15-Year Mortgage Fixed-Rate 5.625% APR 5.792%
  • 7/6-Month Mortgage Adjustable-Rate 5.275% APR 6.385%

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Adjustable Mortgages

Another type of mortgage offered by Wells Fargo is the adjustable-rate mortgage (ARM). With an ARM, the interest rate is initially lower than that of a fixed-rate mortgage but can change over time, depending on market conditions. Wells Fargo offers ARMs with initial fixed-rate periods of 3, 5, 7, and 10 years, after which the interest rate may adjust annually.

Jumbo Mortgages

For homebuyers who need to borrow more than the conventional loan limit, Wells Fargo offers jumbo mortgages. The conventional loan limit is $726,200 in most areas of the country, but it can be higher in certain high-cost areas. Jumbo mortgages generally have higher interest rates than conventional mortgages because they represent a greater risk to the lender.

FHA Mortgages

The Federal Housing Administration (FHA) insures mortgages that are offered by private lenders, including Wells Fargo. FHA mortgages are designed to help first-time homebuyers and others who may have difficulty qualifying for a conventional mortgage. FHA mortgages have lower down payment requirements and more flexible credit score requirements than conventional mortgages, but they also require mortgage insurance premiums (MIPs).

VA Mortgages

The Department of Veterans Affairs (VA) guarantees mortgages that are offered by private lenders, including Wells Fargo. VA mortgages are available to active-duty military members, veterans, and eligible surviving spouses. VA mortgages have many benefits, including no down payment requirement and no private mortgage insurance (PMI) requirement. View a list Wells Fargo mortgage rates today at https://www.wellsfargo.com/mortgage/rates

Author: Brian McKay
March 12th, 2023

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