Wells Fargo Bank Mortgage Interest Rate and Cost Review

Is Wells Fargo Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Wells Fargo Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.00%)
Loan Related Closing Costslower than average (-$518)
National Rate and Closing Cost Rating(3.5)
Websitehttps://www.wellsfargo.com

On average, Wells Fargo Bank’s interest rates were similar to those of other lenders (-0.00%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$518. Overall, combining interest rates and closing costs we estimate that Wells Fargo Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

Wells Fargo Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Wells Fargo Bank was most active in:

  1. Los Angeles, CA
  2. San Francisco, CA
  3. New York, NY
  4. Minneapolis, MN
  5. Chicago, IL

Furthermore, Wells Fargo Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Austin, TX, for Jumbo mortgages
  2. Toms River, NJ, for Jumbo mortgages
  3. Fresno, CA, for Jumbo mortgages
  4. Stockton, CA, for Jumbo mortgages
  5. West Jordan, UT, for Jumbo mortgages
  6. Ocean City, NJ, for Jumbo mortgages
  7. Omaha, NE, for Jumbo mortgages
  8. Virginia Beach, VA, for Jumbo mortgages
  9. Nashville, TN, for Jumbo mortgages
  10. Jacksonville, FL, for Jumbo mortgages
  11. Fort Collins, CO, for Jumbo mortgages
  12. Anchorage, AK, for Jumbo mortgages
  13. Tucson, AZ, for Jumbo mortgages
  14. Modesto, CA, for Jumbo mortgages
  15. Palm Coast, FL, for Jumbo mortgages
  16. Palm Bay, FL, for Jumbo mortgages
  17. Wilmington, NC, for Jumbo mortgages
  18. Urban Honolulu, HI, for Jumbo mortgages
  19. Bakersfield, CA, for Jumbo mortgages
  20. Duluth, MN, for Jumbo mortgages

You can click through to check out Wells Fargo Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Wells Fargo Bank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Wells Fargo Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.08%+0.03%-0.15%-0.02%-0.06%
Loan Related Closing Cost Difference-$755-$78-$34-$81-$291
Cost Adjusted Rate Difference-0.13%+0.02%-0.15%-0.03%-0.07%
Star Rating(4.0)(3.5)(4.0)(3.5)(4.0)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.14%+0.03%-0.07%+0.00%+0.10%
Loan Related Closing Cost Difference-$450+$6+$40-$9-$204
Cost Adjusted Rate Difference+0.11%+0.03%-0.06%+0.00%+0.08%
Star Rating(3.0)(3.5)(4.0)(3.5)(3.0)

As a summary, Wells Fargo Bank is cheap for Conforming, Jumbo and VA purchase mortgages. It is similar to other lenders for FHA and USDA purchase mortgages. For refinancing, Wells Fargo Bank is cheap for Jumbo mortgage refinance. It is similar to other lenders for FHA and USDA mortgage refinance. It is more expensive than other lenders for Conforming and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Wells Fargo Bank:

Registered name: Wells Fargo Bank
Registered city and state: WINSTON-SALEM, NC, 27150-0000
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: WELLS FARGO & COMPANY

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Wells Fargo Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.