We’re always checking up on the big banks to see how their retail locations are doing mortgage rates wise. Is it a good idea to go to your local banker and secure your mortgage with them? Hmmm… Everybody likes doing business face to face and that’s the biggest selling point Wells Fargo has when it comes to their mortgage business. You get a local 
banker, a guy you can trust, doing business face to face with you like the old days making it easier to sleep at night, especially if your purchase of a home relies on this financing. This isn’t always the best way though to get a good deal.
Rather than focus on the programs Wells Fargo is not competitive on we decided to point out two in which they are.
First off Wells Fargo’s FHA 5/1 ARM rate today is excellent. At 3.75% with a low APR Wells Fargo may just have the best deal on an FHA 5/1 ARM in the business. Their FHA 5/1 ARM is an 1/8% below their conforming 5/1 ARM rate which isn’t lacking.
Another program Wells Fargo knocks it out the box on is their jumbo 30 year fixed rate. Wells Fargo offers a true jumbo loan, fixed for 30 years, at 5.75% with a 5.895% APR. Only TheGreatLoan.com has better rates for a jumbo mortgage.
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Below is a table of Wells Fargo mortgage rates today.
| Product | Interest Rate | APR |
|---|---|---|
| Conforming and FHA Loans | ||
| 30-Year Fixed | 5.000% | 5.191% |
| 30-Year Fixed FHA | 5.500% | 6.245% |
| 15-Year Fixed | 4.375% | 4.700% |
| 5-Year ARM | 3.875% | 3.564% |
| 5-Year ARM FHA | 3.750% | 3.267% |
| Larger Loan Amounts in Eligible Areas – Conforming and FHA. | ||
| 30-Year Fixed | 5.125% | 5.264% |
| 30-Year Fixed FHA | 5.250% | 5.924% |
| 5-Year ARM | 4.250% | 3.652% |
| Jumbo Loans – Amounts that exceed conforming loan limits | ||
| 30-Year Fixed | 5.750% | 5.895% |
| 5-Year ARM | 5.000% | 3.930% |
Source: wellsfargo.com
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