Mortgage Rates Today: Wells Fargo Enters Weekend with Competitive Deal for Purchases

October 08, 2011 / Russell Legato, Residential Property Analyst

The rates that can be seen today being advertised by Wells Fargo (NYSE:WFC) and the other major lenders of the US today serve as clear confirmation that there is still plenty of time to strike an excellent deal for a new purchase, though this seems to be something that millions of potential borrowers are uninterested in as they seldom take advantage of the lowest rates in recent year.

Mortgage Rates Today: Wells Fargo Enters Weekend with Competitive Deal for Purchases

For those looking to purchase a new of used home with the help of financing from Wells Fargo, 30 year fixed term deals are today being offered for 4.250% with a resulting APR of 4.433%, while the alternative 15 year fixed term can be taken on for 3.375% with an APR of 3.691%.

Borrowers interested in the 30 year Jumbo fixed mortgage can today expect to find their ideal product with an interest rate of 4.750% and a resulting APR of 4.886%.

With regard to variable terms on the other hand, the 5 year ARM for purchases is being offered for 2.625% with an attached APR of 3.122%, while the 5 year FHA ARM can be taken with a starting rate of 3.125% and a 3.174% APR.

There is very little understandable reason why more citizens and potential borrowers are not currently jumping at the chance to lock in some great deals, though the application volume across all popular mortgage products is continuing to slide by the day.

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