Weekly mortgage rate update from Wendy Erwin, Sales Manager, Wells Fargo Home Mortgage in Kill Devil Hills, NC on the Outer Banks. Wells Fargo is currently offering preferred rates on purchase money loans so please note that refinance rates will be a quarter to a half point higher than the purchase rates listed below.
Today’s base rates are as follows:
Conforming $417,000
30 year fixed 4.875%
5/1 ARM 3.750%
7/1 ARM 4.875%
10/1 ARM 5.125%
FHA Primary residence only, up to 96.5% financing
30 year fixed 4.250%
5/1 ARM 2.750%
USDA Rural Development Guarantee Loans (Primary residence only, up to 100% financing, income restrictions apply)
30 year fixed 4.250%
Remember, many factors determine the rate each individual will receive, product, loan to value, credit score, points, etc. Rates listed above are base par rates, meaning 740 credit score, 80% (or less depending on product guidelines) and a 1% loan origination fee. Have your borrower call me for more specific details.
The above rates are par rates for purchase only, no points, 1% origination, refinance rates run about .25% to .50% higher. As always, please call or email me anytime I can be of assistance to you or your clients. Thank you for the opportunity to earn your business!
Wendy Erwin
Sales Manager
Wells Fargo Home Mortgage
2906N Croatan Hwy
Kill Devil Hills, NC 27948-9268
(252) 480-0587 Tel
800-840-2132 Toll-free
