Current Wells Fargo Refinance Rates

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Contributor, Benzinga
October 20, 2023

Have you considered refinancing your home loan with Wells Fargo? You may be able to lower your monthly payment and keep more money in your pocket each month. Or you could borrow against the equity in your home for extra cash.

Check out Wells Fargo’s current rates and eligibility criteria to get the best refinance rate possible. 

Current Wells Fargo Refinance Rates 

Depending on your financial situation, you may be able to refinance your home loan through a fixed-rate or adjustable-rate product. The mortgage refinance rates vary, so we’ve compiled a list of current refinance rates by loan type. Rates are updated daily. 

Loan TypeRateAPR
30-year fixed3.5% 3.604%
15-year fixed2.875%3.040%
7/1 ARM3%3.681%
5/1 ARM2.875%3.784%

Wells Fargo Refinance Eligibility

Wells Fargo makes it easy to refinance your home loan. Check out its rate checker tool to give you an idea of what you may qualify for before you submit a formal mortgage refinance application. 

To use the online tool, enter the following information: 

  • Loan purpose: Select the “refinance” option. 
  • Home value: Enter the estimated value of your home.
  • Loan amount: Input the amount you’d like to borrow. 
  • Credit score: You’ll be able to choose between 4 options — poor or limited (credit score of 620 or below), fair (credit score between 621 and 699), good (credit score between 700 and 759) and excellent (credit score of 760 or above).

    Use your best judgment or estimate of where you think your credit score stands. Wells Fargo will still check your credit, so don’t tell the system that your score is excellent when it’s really fair. The actual rate you receive could be much higher, or you may not qualify for refinancing at all. 
  • Property location: Select the state and county your property is located in. 

Based on the information you entered, the following results will appear if there’s a match: 

  • A comprehensive list of loan types you may qualify for
  • The estimated interest rate and APR for each loan 
  • The estimated monthly payment by loan type

How to Apply for Wells Fargo Refinance

You can start the process of applying for a Wells Fargo refinace by completing an online application or calling 1-877-937-9357. Loan officers are available on weekdays from 7 a.m. to 9 p.m. CT . You can also call on Saturdays from 8 a.m. to 6 p.m. CT or Sundays from 10 a.m. to 6 p.m. CT . 

Prepare to provide a copy of your bank statements from the past 3 months, your 2 most recent pay stubs and 2 years of tax returns. If you’re self-employed, you’ll need a copy of your personal business tax returns for the past 3 years, a year-to-date profit and loss statement and a list of all your business debt. 

The loan processor may also request additional financial documents, so have those handy as well. Here’s a comprehensive list of the documentation you need. 

The good news is that most of the application process can be handled online from start to finish. The system can sync with your financial institutions to retrieve any necessary data. Wells Fargo can also verify your employment electronically. Finally, you won’t have to spend time signing each page by hand because they also have e-signature capabilities. 

Not a fan of online mortgages? You can visit a local branch and meet with a loan officer who can walk you through the process. 

There’s no limit to the number of times you can refinance your home. Conduct a cost-benefit analysis to confirm it makes financial sense. 

Pros of Refinancing with Wells Fargo

There are several benefits to refinancing your home loan with Wells Fargo: 

  • Loan conversion: Do you currently have an adjustable-rate mortgage (ARM) and want to switch to a fixed-rate mortgage? Wells Fargo can help you make the change and get a more stable loan payment by refinancing. 
  • Competitive rates: Wells Fargo mortgage rates are some of the best in the industry, and that includes refinance rates.
  • Flexible loan terms: You have the option to refinance into a fixed or ARM with Wells Fargo. This is ideal if you have an adjustable-rate mortgage and the monthly payment has spiked substantially and become unaffordable. Or you may have a fixed-rate mortgage and be seeking an adjustable-rate mortgage to reduce the payments until you sell your home in the near future. 
  • Fast access to dash: Considering a cash-out refinance? Wells Fargo offers solutions to tap into your home’s equity. 
  • Eliminates FHA mortgage insurance: Tired of paying FHA mortgage insurance each month? You can make it go away by refinancing into a conventional loan product. 

Cons of Refinancing with Wells Fargo

At the same time, you’ll want to consider these drawbacks: 

  • You’ll pay more in interest. Refinancing may involve extending your loan term. The new rate could be lower and your monthly payment will be more affordable — but that means you’ll spend more in interest over time.
  • You’ll pay origination and closing costs. When you refinance, you’ll be starting from scratch with a new loan. This means you’ll pay loan origination and closing costs. The good news is that you may be able to roll these fees into your new loan — but you might pay a higher interest rate if you go that direction.

Talk your Wells Fargo mortgage officer through these pros and cons to help you decide what’s best for your situation.

Other Mortgage Lenders for Refinancing

Beyond Wells Fargo, here are some of the best refinance mortgage companies. 

Mortgage LenderCurrent Refinance RateMinimum Credit Score
Quicken Loans®Not published620
Bank of America3.500%620
Veterans UnitedNot published n/a

Other Mortgage Lender Reviews

Retrieve quotes from multiple lenders to give you the best shot at securing the most competitive loan product. Here are more in-depth reviews of 3 stellar mortgage lenders that may offer feasible solutions for you.  

Quicken Loans
Best For
  • Online Service

1. Best Overall: Quicken Loans®

Quicken Loans® is rated the best mortgage company in customer satisfaction for primary mortgage origination by J.D. Power and Associates. Quicken Loans® has held this title since 2010. 

Quicken Loans® is a 1-stop-shop for all your mortgage needs with flexible loan and refinance solutions. This mortgage company also provides a digital loan product to take you from approved to closed in record time. 

Request a free, no-obligation rate quote to learn more about how Quicken Loans® can assist with your mortgage needs. 

Veterans United
securely through Veterans United's website

2. Best for Military Families: Veterans United

Veterans United holds the top spot for VA purchase lending. It’s earned a 4.7-star rating from past customers. 

Veterans United offers mortgage solutions to individuals who meet the Department of Veterans Affairs’ basic service requirements. You must also meet the lender’s minimum income and credit criteria. 

Check your rate online or call 800-884-5560 for more assistance. Representatives are available 24/7 to assist you with your mortgage needs. 

CrossCountry Mortgage
Best For
  • Self-employed Borrowers
securely through CrossCountry Mortgage's website

3. Best for Self-Employed: Luxury Mortgage

Qualifying for a mortgage can be challenging if you’re self-employed. Luxury Mortgage makes it easy to secure a loan that works for you without all the red tape. All you need are your business or personal bank statements to qualify for a home loan. You should also have a credit score of 580 or higher. 

Luxury Mortgage offers loan amounts up to $6,000,000 and you can borrow up to 80% of the property value. Mortgage rates are also competitive. 

Get preapproved online. Luxury Mortgage lends in the following states: CA, CO, CT, DC, FL, GA, IL, MD, MA, MI, NC, NH, NJ, NY, PA, SC, TN, TX, VA, WA.

Refinance Your Home Loan with Wells Fargo

Refinancing your home loan with Wells Fargo may offer much-needed relief in your budget. Or you could pay off your mortgage faster by securing a lower interest rate and remitting additional principal-only payments each month.

Shop around to see what’s out there. Wells Fargo may have the best deal for you, but you won’t know until you compare its rates to other lenders.

Consider our list of recommended mortgage providers if you’re not sure where to start. They offer free, no-obligation quotes to help you make an informed decision for the long term.

Frequently Asked Questions


What will my monthly payment be?


Visit Wells Fargo online and use its simple calculator tool to get an estimate of your monthly payment. Enter some basics like your loan type, home value, loan amount and credit score to get an idea of your new mortgage cost.


What is an interest rate lock?


An interest rate lock freezes a rate for your mortgage. Mortgage interest rates may change many times every day. Choosing when to lock your interest rate is an important part of the home financing process. Learn more about interest rate lock options with Wells Fargo.


How long does the refinancing process usually take?


The duration of the refinancing process can vary depending on multiple factors, including your individual circumstances and the complexity of your refinance. Typically, it may take anywhere from 30 to 45 days, but Wells Fargo strives to expedite the process whenever possible. It’s best to consult with a Wells Fargo representative to get a more accurate estimate based on your unique situation.

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