Wells Fargo (NYSE:WFC) is one of a great many major US lenders that this week has displayed little to no movement in overall mortgage rates for new and used home purchases, which has been mirrored by the lack of movement in mortgage activity levels from consumers, once again remaining disappointingly low.
With regard to packages for new and used home purchases today, Wells Fargo is offering the standard 30 year fixed term deal at a rate of 4.250% and a resulting APR amounting to 4.433%, while the shorter 15 year fixed option can be taken home for 3.500% and an APR of 3.817%.
Larger loans in eligible areas are being made available for 4.375% and an APR of 4.508%, while popular 30 year fixed term jumbo loans are now at 4.750% and a 4.886% APR figure.
Among the various flexible term options, the 5/1 ARM can be taken out with a starting rate of 2.625% and 3.122% APR, while the FHA 5 year ARM is now at 3.250% and an APR amounting to 3.236%.
As can be seen in the above rates, the decreasing home prices across the US should be adding up to a total package of incredible value and opportunity, though this is clearly a sentiment not shared with the US consumer, who continues to remain fully reluctant to invest in the current economic climate.