Today, Wells Fargo had started their day with their presentation of their quote for the mortgage rates which includes quotes for the 30 year fixed rate mortgage. The FRM for the 30 year term can be had at the bank at 4.500% a higher rate than that of the previous quote from yesterday that is 4.375%. Though the rate had increased, its corresponding annual percentage rate had a slight downfall from yesterday’s 4.735% to today’s 4.673%. Remaining a little lower is FHA’s quote which can be had today at 4.375%, a higher quote than yesterday’s 4.250%. The 15 year FRM is also made available today at an unchanged rate of 3.500% with its equivalent APR experiencing a decrease from 3.909% yesterday to 3.795% today.
Regarding the 5 year terms that can be had at the bank, their offer for 5 year adjustable rate mortgage is 3.250% a higher rate compared to yesterday’s 3.125%. The equivalent APR of the said term had an evident decrease today from the previously quoted rate of 3.283% yesterday to today’s 3.164%. FHA also presented their quote for the 5 year category today; FHA has their 5 year ARM at 3.500%, experiencing an increase from yesterday’s 3.250%. The corresponding APR also had an increase and is made available today for 3.519%, higher than the quote from yesterday which is at 3.043%.
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Wells Fargo’s rate cannot be concluded generally as to whether it increased or decreased. Only the 5 year FHA and the 30 year FHA had experienced a two increase which means the rate and APR both increased. Both the 30 year FRM and the 5 year ARM had an increase in their rate but had an apparent decrease in their corresponding APR. Last is the 15 FRM which rate had remained unchanged today but had an APR that experienced a little bit of a downfall.
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.