Financial institutions such as Wells Fargo provide the current mortgage refinance rates for 30-year fixed rate loans, 15-year fixed rate loans and 7/1 adjustable-rate mortgages, according to the company’s website. Financial websites such as Bankrate also provide the current refinance rates for mortgage loans.
Wells Fargo provides the current mortgage rates for conforming and FHA loans along with larger loan amounts and jumbo loans, as the company’s website indicates. A conforming loan is a mortgage with a loan amount up to $417,000 for one-unit properties set forth by the government-backed mortgage institutions Fannie Mae and Freddie Mac, explains The Truth About Mortgage.
Bankrate provides current mortgage rates based on the loan purpose, such as a refinance, the loan type, the loan amount and the down payment, as the website notes. Bankrate also provides a search tool allowing users to determine the current average interest rates based on location. The rates include the average for 30-year fixed rate mortgages, 15-year fixed rate mortgages and 5/1 adjustable-rate mortgages. An adjustable-rate mortgage is any loan whose interest rate fluctuates over the life of the loan, explains The Truth About Mortgage. For 5/1 ARMs, the loan does not adjust for the first five years of the loan; however, the loan does adjust once the initial fixed rate expires.