Mortgage Rates Today: Wells Fargo Home Purchase Deals Entering November with Strength

November 01, 2011 / Russell Legato, Residential Property Analyst

Despite an extensive period during which numerous minor rises in mortgage rates across the board had been predicted, Wells Fargo (NYSE:WFC) is once again this Tuesday morning proving the market is still behaving entirely beyond even the most educated of estimations. As it stands, the home purchase packages from the lender have shown little to no movement at all from those offered last week, ad minor fluctuations in national average continue to all but cancel each other out entirely.

Mortgage Rates Today: Wells Fargo Home Purchase Deals Entering November with Strength

First looking at the most popular fixed rate packages of all being offered this Tuesday morning, 30 year fixed purchase packages are up for grabs at 4.250% and APR amounting to 4.433%, while the shorter 15 year deal can be locked in for 3.375% and an APR figure of 3.691%.

Larger loan amounts in certain areas are being offered at a rate of 4.375% and carry an APR of 4.508%, while 30 year fixed rate Jumbo loans are today at 4.625% and APR of 4.760%.

Among the countless examples of excellent adjustable terms for today, the standard 5/1 ARM is being advertised with a starting rate of 2.500% and APR of 3.078% variable, while the FHA 5/1 ARM now stands at an attractive 3.000% and APR of 3.113% variable.

Minor increases in overall mortgage activity from both purchase and refinance borrowers has fuelled hope that there may be life in the market as a whole yet, though it had to be said that the activity in general has so far not proved nearly promising enough to stave off what is looking to be one of the worst performing years in the recent history of the market.

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