Wells Fargo (NYSE:WFC) and Bank of America (NYSE:BAC) enter the new week quoting 4.375% and 4.25% respectively for the benchmark 30 year fixed rate mortgage loans for home purchase. These rates are a bit higher than competitor CitiMortgage (NYSE:C) who is quoting 4.125% and even with Chase Bank (NYSE:JPM) who is also quoting 4.25% today. All in all rates remain low despite a rally in the stock market on Friday which typically boosts mortgage rates as investors move money from bonds to stocks.
The Wells Fargo FHA version of the 30 year loan is 4.125% and the Jumbo mortgage rate is 4.75% today.
In the 15 year loan department, again just for home purchases, not mortgage refinance, Wells is offering 3.625%, BoA is at 3.50%, Citi is at a low 3.375% and Chase comes in at 3.50%. In the APR department, however, Chase has the lowest offering at just 3.627%. Do note that while APR’s are a better comparison of mortgage rates than interest rates, there are still some variations between how banks calculate APR’s. So it is best to narrow the choice to a few alternatives and then compare the details of each loan offer including total upfront costs and resulting mortgage payment amounts.
Wells Fargo is offering the 5 year ARM at 2.50%, BoA is at 2.875% while Chase is even higher at 3.00% for the loan.