Mortgage Rates Today: Wells Fargo Home Purchase Rates Continue Upward Trend

October 18, 2011 / Russell Legato, Residential Property Analyst

As was largely predicted across the board, Wells Fargo (NYSE:WFC) and most other major US lenders have entered Tuesday by offering some attractive home purchase mortgage deals, which although up from those of last week are still offering excellent value for money. Wells Fargo in particular may be holding out hopes for a new wave of activity from new buyers, in light of recently reporting a notable loss in profits.

Mortgage Rates Today: Wells Fargo Home Purchase Rates Continue Upward Trend

With regard to the most popular packages being offers by Wells Fargo today, 30 year fixed term contracts for home purchases can be locked in for 4.250% and a resulting APR of 4.433%, while those looking for the shorter 15 year term will find the package being advertised for 3.500% and an APR amounting to 3.817%.

30 year fixed terms for larger loans in certain areas can be taken out for 4.375% and a resulting APR of 4.508%, while 30 year fixed term Jumbo loans are at 4.750% and an APR of 4.886%.

Adjustable terms for purchase now include the 5/1 ARM which can be taken out for 2.625% and an APR of 3.122%, while the FHA 5/1 ARM is now starting at 3.125% and an APR of 3.174%.

With house prices across the nation continuing to tumble it would usually have been expected that a surge in buying activity would have been the result. However, as has been learned over the past few weeks, it may take nothing short of a miracle at this stage to seen enough new buyers willing to enter into new contracts to breed the market boom so desperately needed.

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