More buyers are entering the market this spring, with signed contracts to buy existing homes rising 1.1 percent in March. So-called pending home sales are now 11.1 percent higher than they were one year ago.
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Meanwhile, while the Federal Reserve is holding interest rates at near zero, Stumpf is hopeful the central bank will liftoff sooner rather than later. He anticipates the first rate hike of 25 basis points will likely come in September.
"I think rates should normalize and equal the strength of the economy and that's … surely in the short-end more than zero," he said.
He believes that once the Fed begins to raise rates, there will be a flattening of the curve.
"I don't know that you're going to see long rates move a lot," he said. "Europe is weak. QEs [are occurring] around the world. Anytime interest rates pop up, the 10-year [U.S. Treasury] pops over 2 or 2.10. There are so many buyers out there. That's going to keep long rates down for longer."
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Stumpf also addressed Wells Fargo's purchase of General Electric's real estate assets, announced in April.
"This is kind of a once-in-a-generation event," he said. "We love the commercial real estate business
—CNBC's Diana Olick contributed to this report.