The current mortgage rate as presented by Wells Fargo for a 30 year fixed rate mortgage is 4.625%, yielding an APR of 4.799%. While for the shorter term mortgage i.e. for 15 year fixed rate mortgage loan it is 3.625% with APR coming out to be 3.921%. The FHA (Federal Housing Administration) loan for long term of 30 year was offered for 4.375% along with an APR of 5.569%. Also for the 5 year ARM FHA the interest rate was kept to be 2.875% counting for 3.207% of APR.
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The interest rates slightly differ for the above loan types if the amount accounts to be huge. For larger amount the 30 year fixed rate mortgage loan rate is kept as 4.750% yielding an APR of 4.881%. For a 30 year fixed rate FHA loan the interest rate is kept as 4.750% along with an APR of 5.936%. Similarly for a 5 year ARM loan of larger value the interest was announced to be 3.625% yielding an APR of 3.339%.
For jumbo loans, loans that exceed the loan limit as can be offered to an individual, Wells Fargo has designed a different interest rate chart. A 30 year fixed rate mortgage loan is offered for an interest rate of 4.500% along with an APR of 4.615%. While for a 5 year ARM loan the rate was kept to be 3.500% yielding an APR of 3.281%.
The interest offered by two other major banks i.e. Chase and SunTrust for a 30 year fixed rate mortgage loan is 4.375% and 4.625% respectively yielding an APR of 4.449% and 4.7375%. If we draw a comparison between the interests offered, clearly that offered by Chase bank is minimum. Likewise, for a 15 year fixed rate mortgage, the interest rates offered by SunTrust bank is minimum which is 3.490% yielding an APR of 3.7371%. While the Chase bank is offering it for an interest rate of 3.500% with an APR of 3.664%.
Disclaimer: The rates quoted above are basically the average advertised by a particular lending company. No guarantee of taken from the lender’ aspect whether the borrower will qualify for the mortgage rates mentioned in the article. The lenders dole out interest depending upon various facets, some of which may be unique to the borrower. This website does not engage in the sale or promotion of financial products and makes no claims as to the accuracy of the quotation of interest rates.