Wells Fargo Bank Mortgage Interest Rate and Cost Review

Is Wells Fargo Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Wells Fargo Bank to those of other lenders for a comparable set of borrowers. Here is our review of Wells Fargo Bank nationally:

Review ItemWells Fargo Bank
Interest Ratesimilar to other lenders (-0.00%)
Loan Related Closing Costslower than other lenders (-$518)
National Rate and Closing Cost Star Rating(3.5)

On average, Wells Fargo Bank’s interest rates were similar to those of other lenders (-0.00%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$518. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Wells Fargo Bank, check out its website at: https://www.wellsfargo.com.

Wells Fargo Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities 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

In addition, Wells Fargo Bank is our top ranked/best 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

Wells Fargo Bank’s Rate Review 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. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

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%
National Star Rating(4)(3.5)(4)(3.5)(4)
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%
Average Star Rating(3)(3.5)(4)(3.5)(3)

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 a lot for mortgage rates, and we always recommend shopping among several of our top mortgage 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)

* 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.