Wells Fargo earns high rating for community reinvestment

Wells Fargo Bank, N.A., has received an "outstanding" rating - the highest regulatory rating possible - in its most recent Community Reinvestment Act examination by the Office of the Comptroller of the Currency.

Wells Fargo Bank, N.A., which serves more than 10 million households in 23 states, met and exceeded community needs in areas such as affordable housing, financial education and small business lending. In South Dakota, Wells Fargo was specifically cited for offering flexible loan products that help meet the credit needs of low- to moderate-income home buyers and small businesses.

The Community Reinvestment Act of 1977 requires banks to meet the credit needs of all the communities where they do business, especially low- to moderate-income communities and families.

"Community reinvestment is integral to our business because it helps ensure the success of every area we serve," said Dan Murphy, regional president for Wells Fargo in South Dakota. "We are only as strong as the communities we serve; we want to be known as an active community leader in economic development."

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.