San Francisco-based Wells Fargo Home Mortgage is offering a current mortgage rate of 4.875% on a 30-year fixed, with borrowers paying a 1-point Origination Fee. When Total Mortgage Services rolled out their rate sheets this morning, their current mortgage rate on the same 30-year fixed was 4.875%, paying no points, while 4.750% was the matching rate with a 1-point Origination Fee.
In the end, Total Mortgage Services is offering the same product with a lower current mortgage rate by .125%. On a loan size of $300,000, that’s a monthly savings of $23 or $276 per year. Over the life of the loan, that’s a savings of $8,280.
| Product * | Wells Fargo
Mortgage Rates |
Total Mortgage
Mortgage Rates |
| 30-Year Fixed | 4.875% | 4.750% |
| 15-Year Fixed | 4.250% | 4.125% |
| 5-Year ARM | 3.875% | 3.375% |
| 30-Year Fixed Jumbo | 5.750% | 5.750% |
Note: Current mortgage rates change each business day, often several times throughout the day. Wells Fargo rates quoted from mortgage rates page of www.wellsfargo.com from 12:00 p.m. (EST) on Thursday, February 4, 2010.
*All rates are calculated with a 1-point fee.
*All rates shown are based on a 60-day lock for a purchase or rate/term refinance.
Similary, for the 15-year fixed, Total Mortgage Services is offering a current mortgage rate of 4.250% paying no points, and the 5-year ARM is 3.750% paying no points. The current mortgage rate for the 30-year fixed jumbo at Total Mortgage Services is 6.250%, paying no points.
Based on HSH Associates Financial Publishers, the national average for current mortgage rates is 5.500% on a 30-year fixed-rate mortgage, 4.930% on a 15-year fixed-rate mortgage and 4.820% on a 1-year ARM.
To take advantage of these low rates, call Total Mortgage Services at 877-868-2503 and speak to a licensed mortgage professional now!
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February 5, 2010 @ 12:14 pm
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