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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 avergage APR for a 30 year fixed conforming loan is 4.985 percent¹, Wells Fargo's rate on a 30 year wells-fargo-mortgage-ratesfixed conforming loan is 5.086 percent².

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.

Product Interest Rate APR
  Conforming Loans
40-Year Fixed 6.500% 6.700%
30-Year Fixed 4.875% 5.086%
20-Year Fixed 5.125% 5.416%
15-Year Fixed 4.625% 4.989%
5-Year ARM 4.375% 4.500%
  Jumbo Loans
30-Year Fixed 6.500% 6.651%
5-Year ARM 5.375% 4.805%
 FHA– loan limits vary by county
30-Year Fixed 5.000% 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