Wachovia Mortgage Rates
Our aim at interestratesreviews.net is to bring you the latest information on the rates and features of different products and services offered by Wachovia Bank. After its merger with Wells Fargo Bank, this bank offers many products that are geared to suit the needs of its varied customers who are located across the length and breadth of the country. In today’s blog, we will be going through Wachovia Home Loans, their features and more importantly Wachovia mortgage rates.
The current Wachovia Bank mortgage rates for conforming and FHA loans for a period of 30 years is 5.318% APR. This is a fixed rate loan and so the rates do not vary according to the market rates. Conforming loans are conventional home mortgages that meet the eligibility requirements laid down by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). The mortgages must be eligible to be sold to these agencies because they have to purchase the first mortgage up to the existing loan amounts. This has been made mandatory through a Congressional directive. FHA Loans are those that have the backing of the Federal Housing Administration (FHA) or the Veterans Association (VA). Wachovia interest rates for a 30-year FHA loan is 6.028% APR while a 15-year fixed loan has an interest rate of 4.700% APR. The adjustable mortgage rates (ARM) are slightly lower than the fixed rate loans and currently, they have an interest rate of 3.647% for a 5 year loan. In the case of a 5-year FHA ARM loan, the interest rates are 3.384%. These rates are very attractive and you can look into this option if you are shopping for good mortgage rates.