Wells Fargo Refinance Mortgage Rates: Reviews and Products

Wells Fargo Refinance Mortgage Rates is the biggest mortgage lender in the United States. Wells Fargo Refinance has been a part of the American financial world for more than 150 years, starting as a stagecoach provider and continuing to the present day.

It started as a single branch in San Francisco and later grew to cover the entire state of California. Their expansion continued with the acquisitions of Norwest Bank in Minneapolis and Wachovia in Charlotte. These strategic moves played a key role in shaping Wells Fargo into the empire it is today.

Wells Fargo’s strong financial position has enabled them to offer competitive mortgage rates in the market.

Refinancing Products Offered by Wells Fargo

To check the most recent products and mortgage rates offered by lenders, you can visit their websites or contact them directly. Lenders typically provide a range of options to cater to different customer needs and preferences, look at Wells Fargo’s website, directly.

Traditional fixed-rate mortgages

Borrowers seeking a conventional loan of $417,000 or less can benefit from Wells Fargo’s attractive refinance rates. They offer a wide selection of fixed-rate products, including 30-year mortgage rates and 15-year fixed mortgage loans. Opting for a fixed-rate loan provides the advantage of having a consistent interest rate throughout the entire loan term, allowing borrowers to know exactly what their interest rate will be for the duration of the loan.

5-1 ARM and 7-1 ARM

Adjustable-rate mortgages (ARMs) typically have shorter terms compared to traditional mortgages. The advantage of a shorter term is that it usually comes with lower interest rates. However, it’s important to note that shorter terms also result in significantly higher monthly payments. With ARM loans, the interest rate is fixed for a certain period, after which it resets annually based on market conditions.

Streamline Program

Wells Fargo offers an online streamline program exclusively for its existing customers. This program eliminates the need for application, appraisal, or closing fees, and can be completed entirely online. If you meet the loan qualification criteria and do not intend to withdraw cash for renovations or other purposes, this program simplifies the process of refinancing into a lower-rate mortgage, reducing the amount of paperwork involved.

Jumbo Refinance Rates

Due to Wells Fargo’s strong financial position, they can provide competitive rates for jumbo mortgages, which are loans that exceed the limit set by Fannie Mae and Freddie Mac (currently $417,000). Typically, jumbo refinance mortgages from various lenders have higher interest rates compared to conforming loans. However, Wells Fargo’s premium is relatively small, often as low as 25 basis points. This means that if Wells Fargo were offering 30-year mortgage refinances at a rate of 5.00 percent, their jumbo refinance rate would be just 5.25 percent.


Federal Housing Authority (FHA) loans are well-known for their flexible qualification requirements. If you have a lower credit score but still want to refinance, an FHA loan could be a suitable choice and possibly your best option. While the specific terms can vary, FHA loans typically allow you to refinance up to 97.75 percent of your home’s value, giving you more flexibility in accessing your home’s equity.

VA loans

If you meet the eligibility criteria for a VA loan, you can benefit from some of the lowest refinancing rates available in the market. These rates are often a full percentage point lower than traditional refinancing loans, leading to significant savings over the loan’s duration. Another major advantage of VA loans is that most homeowners are not required to pay for mortgage insurance, which typically amounts to around 0.5-1 percent of the total loan value.

Home Affordable Refinance Program (HARP)

The federal government established the HARP program to simplify the refinancing process for eligible homeowners, allowing them to secure lower interest rates. In many cases, an appraisal is not necessary, and fewer documents are required.

Through the Home Affordable Refinance Program, borrowers with regular mortgages backed by Freddie Mac and Fannie Mae can refinance their loans, even if they owe more than their homes are currently worth. If you have a history of making timely payments and have not yet taken advantage of a HARP refinance, Wells Fargo Mortgage can assist you in refinancing your mortgage to a new loan with lower rates available today.

Wells Fargo Mortgage Rates Today

Wells Fargo offers competitive refinance rates. Similar to other financial institutions, Wells Fargo considers a homeowner’s current debt and payment history when determining the refinancing rate.

To access the current mortgage rates offered by Wells Fargo in your specific area, you can visit their website and enter your geographic information. Alternatively, you can directly contact a Wells Fargo representative who can provide you with the most up-to-date information on mortgage rates.

How Does Wells Fargo Compare to Other Banks?

Wells Fargo vs. Chase

Unlike Wells Fargo, Chase does not have a specific program exclusively dedicated to their current customers, aside from HARP (Home Affordable Refinance Program). Therefore, if you are an existing Wells Fargo customer, it may be beneficial to calculate potential interest savings and compare them to any additional fees associated with refinancing. Opting for a streamlined refinance through Wells Fargo could result in long-term cost savings.

Wells Fargo vs. PNC Mortgage

Despite being a smaller bank compared to Wells Fargo, PNC Mortgage offers rates that are generally on par with Wells Fargo. Both lenders have a similar range of mortgage products available. However, if you have a less than ideal credit history, PNC Mortgage might be more attractive to you. This is because PNC Mortgage considers nontraditional credit history, such as rent payments, when evaluating your loan application and determining eligibility

Other Considerations

Additional HARP details

If you currently have a mortgage with Wells Fargo, it may be advantageous to consider refinancing through their HARP program. The HARP loans offered by Wells Fargo allow you to refinance your mortgage, even if you owe more than the current value of your home. While you will need to complete a new mortgage application and go through Wells Fargo’s underwriting process, you can skip the home appraisal step, which typically incurs a cost of approximately $400.

Home Equity Rates

Wells Fargo has been a pioneer in home equity lending, introducing one of the first Home Equity Line of Credit (HELOC) loan products. Today, they offer a range of options including traditional home equity loans, flexible HELOCs, and a unique Home Asset Management Account. The latter combines a Wells Fargo mortgage with a Wells Fargo HELOC, providing a single point of contact for both loans. This account also offers the choice between traditional payments and interest-only payment allowing homeowners to manage their monthly cash flow effectively.

However, it is important to exercise caution when considering a HELOC. If you opt for a variable interest rate, there is a risk of interest rates rising over time. Additionally, if the value of your home decreases, you could end up owing more money than your home is worth.

Wells Fargo has a strong track record in the financial services industry and demonstrated prudence by avoiding sub-prime lending. This positioning allowed them to emerge as one of the most resilient banks following the real estate bubble and established them as one of the leading lenders in the market.

Deciding Which Option is Best for you

When it comes to refinancing, it’s important to shop around and compare rates from various lenders. You have many options available, including banks, credit unions, consumer finance companies, and loan institutions. This competition gives you the advantage as these lenders are eager to earn your business.

In addition to interest rates, it’s important to assess secondary fees when choosing a lender. Evaluate the balance between closing costs and the interest rate offered. Sometimes, a lower interest rate may not necessarily be the most cost-effective option.

Customer service and communication should also be considered. Reflect on whether your community bank provides better customer service compared to regional banks you have dealt with in the past.

With these factors in mind, current Wells Fargo customers have valid reasons to consider staying with the bank for refinancing.

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