Mortgage Rates Today: Purchase Rates at Wells Fargo Holding Firm

October 07, 2011 / Russell Legato, Residential Property Analyst

Wells Fargo (NYSE:WFC) is today directly in line with the majority of all major lenders across the US, offering arrange of purchase mortgage package which in some cases are slightly up from the lows of the early week, though are generally remaining steady and offering incredible value.

Mortgage Rates Today: Purchase Rates at Wells Fargo Holding Firm

For those borrowers looking to lock in one of the standard fixed deals at the current rates, 30 year fixed term contracts are today being offered for 4.250% with an attached APR of 4.433%, while the alternative option of a 15 year fixed contract is now at 3.375% with an APR of 3.691%.

The 5 year ARM term for purchases can today be taken out with a starting rate of 2.500% and an APR of 3.078%, while the FHA 5 year ARM is now being advertised for 3.000% with an APR of 3.113%.

For larger loans for purchases in certain areas, the 30 year fixed term rate is today sitting at 4.375 with an ARP of 4.508%.

Well Fargo is among many lenders across the US that may be wondering exactly how low rates would have to go to spark the boom in activity the housing market so desperately needs. Indeed, if the lowest rates since the 1940s have not proved sufficient, just what exactly will?

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