This is Wells Fargo getting out in front of the runaway inflation they know is going to be allowed right down the road. Once Jimmy Carter double-digit interest rates hit mortgage applications and refinance will dry up like the Mojave.
I watched this happen as a young girl of 17. My Dad had just made it to The Big Time and had his first Engineering job that afforded us the LUXURY of moving out of Milwaukeestan, WI to Suburbia, USA.
My folks were paying 18% on the mortgage! Grandpa (a Depression Survivor...and THRIVER!) said, "This is INSANITY" and paid off the mortgage and charged my folks a much more reasonable rate. ;)
I was a quick learner, so I joined the military, knowing I wasn't going to find much beyond fast food or retail cashier jobs at that point in my life. Travel? College paid for? You betcha! :)
Socialists have always inspired me to action. I enjoy beating them at their own game.