Mortgage Rates in NJ May 28, 2010
One of the best starting points for mortgage rate shopping is to compare the rates offered by the some of the largest mortgage lenders with the local mortgage lenders. This allows the prudent mortgage shopper to quickly compare mortgage rates and programs before narrowing the loan search down to a specific mortgage lender.
To compare mortgage rates in New Jersey, Findlocalmortgagerates.com has reviewed the 30 year mortgage rates from two of the largest bank mortgage lenders, Chase Bank and US Bank, with two of the larger bank mortgage lenders based in NJ, Spencer Savings Bank and Sun National Bank.
The results of the survey for NJ mortgage rates on May 28, 2010 area as follows:
Sun National Bank offers a 30 year fixed mortgage rate in NJ at 5.00% with zero points and an APR of 5.029%. A 15 year fixed rate home loan from Sun National Bank has a mortgage rate of 4.375% with no points and a 4.425% APR.
Spencer Savings Bank offers the 30 year fixed in NJ with a mortgage rate of 4.875% with zero points and a 4.882% APR. The 15 year in NJ from Spencer has a mortgage rate of 4.25% with no points and an APR of 4.263%
Chase Mortgage offers a 30 year mortgage rate in NJ at 5.00% with .25 points and a 5.079% APR. A 15 year fixed rate home loan in NJ from Chase has a rate of 4.375% with .25 points and APR of 4.508%.
US Bank promotes the 30 year loan with a rate of 4.875% and no points with a 4.941% APR. The 15 year mortgage rate in NJ from US Bank is at 4.25% with no points and a 4.361% APR.
A 15 year fixed rate mortgage offers the borrower the ability to own their home free and clear in 15 years. Although the monthly mortgage payments will be higher than a 30 year home loan, the interest rate on the 15 year mortgage is running slightly more than .50% lower than the 30 year for the mortgage rates in New Jersey listed and a borrower will end up paying less than half the total interest cost of the traditional 30 year mortgage.
Conforming 30 year fixed rate home loans have no prepayment penalties and a borrower can accelerate the payments at anytime to reduce the balance and pay off the loan earlier than the original maturity date and use the lower initial payments to budget their savings, expenses and equity appreciation better.
The points charged by some of the mortgage loans listed are equal to one percent of the loan amount. The borrower will pay the points at the loan closing usually in exchange for a lower mortgage interest rate over the term of the home loan. The points charged will generally result in greater total closing costs; in exchange the borrower will have lower monthly payments over the term of the loan.
Mortgage rates listed on this page are the current rates for a single-family, primary residence with a 20% or greater down payment. Individual mortgage rates may vary according to different property and loan characteristics such as credit and income of the borrower. Mortgage rates are subject to change without notice and all mortgage loans are subject to bank or lender approval.
The bank mortgage lenders in New Jersey listed can be reached at the following numbers:
Spencer Savings Bank 800-363-8115.
Spencer Savings Bank has been doing business in New Jersey for more than 70 years and has 18 bank branches in the Garden state.
Sun National Bank 800-786-1677.
Sun National Bank is headquartered in Vineland and has 70 bank branches throughout Jersey.
Chase Bank mortgage department can be reached at 800-873-6577.
US Bank mortgage representatives can be reached at 800-365-8544.
To view information for Chase Bank certificate of deposit rates, US Bank certificate of deposit rate or CD rates in New Jersey please visit our affiliate web site Selectcdrates.com and view the following pages: Chase Bank CD rates, US Bank CD rates or New Jersey CD rates.
FHA Mortgage Rates Missouri May 26, 2010
FHA mortgages are becoming the largest single segment of the home loan industry in 2010. Shopping and comparing FHA mortgage rates is a critical step for any new home buyer prior to choosing a mortgage lender and submitting a loan application.
Findlocalmortgagerates.com surveys mortgage rates from bank mortgage lenders across the U.S. for a variety of mortgage loan products. Weekly FHA mortgage rates are published in these pages every Wednesday from the top five bank mortgage lenders and every other week we survey and produce the mortgage rates from select bank mortgage lenders for individual states.
Today’s survey data is for 30 year fixed rate FHA mortgage rates in Missouri from two of the largest bank mortgage lenders nationwide, Wells Fargo Mortgage and Bank of America as well as two of the largest Missouri based banks, Commerce Bank and North American Savings Bank.
The current FHA mortgage rates offered by the two of the largest bank mortgage lenders, Wells Fargo and Bank of America, include:
Wells Fargo has a 30 year FHA loan with a mortgage rate of 4.875% with a 1.0 point origination fee and an APR of 5.630%.
Bank of America offers a 30 year FHA mortgage rate of 4.50% and 1.0 point origination fee and a 4.622% APR.
The current FHA mortgage rates offered by the two bank mortgage lenders based in Missouri, Commerce Bank and North American Savings Bank, include:
Commerce Bank’s 30 year FHA mortgage rate is 5.00% with zero points and a 5.443% APR.
North American Savings Bank offers the 30 year fixed rate FHA loan with a mortgage rate of 4.75% and no points with an APR of 5.347%.
Mortgage loan APRs on FHA loans are impacted by the costs of loan including points, mortgage insurance, loans fees and the interim interest which is based on the date of the loan closing. The Federal Truth in Lending law requires that all mortgage lenders disclose the APR when they advertise a mortgage rate. The mortgage loan APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation.
Some mortgage lender fees are not included as part of the APR calculation and some mortgage lenders will label their costs and fees differently than other lenders. As an example, an appraisal fee is an appraisal fee but some lenders may charge no origination points yet charge a $400.00 or $500.00 processing fee while another lender will not have a processing fee but an origination fee of $400.00.
Compare fees and costs carefully along with the mortgage rate from the mortgage lender before committing to any specific lender.
Mortgage interest rates are published rates obtained from these lenders but are subject to change without notice and may vary depending on loan amount, loan-to-value (LTV), credit worthiness, type of transaction and property type. All loans and rates are subject to mortgage lender or bank approval.
Additional mortgage loan programs and mortgage rate and point options may be available. To reach the listed mortgage lenders for current FHA mortgage rates and additional home loan information, representatives can be reached at the following phone numbers:
Wells Fargo Mortgage 877-937-9357
Bank of America 800-586-9780
North American Savings Bank 800-677-6272
Commerce Bank 800-903-3210
Commerce Bank operates in approximately 350 locations in Missouri, Kansas, Illinois, Oklahoma and Colorado.
North American Savings Bank operates nine bank branches, four residential loan origination offices, and one residential construction loan office.
Top FHA Mortgage Lender Rates May 26, 2010
FHA mortgage rates surveyed by Findlocalmortgagerates.com for the week ending May 26, 2010 were up modestly for the first time in three weeks. The average FHA mortgage rate from the top five bank mortgage lenders including Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage was higher for both the mortgage rate and points charged to obtain the mortgage rate.
The overall cost to obtain a 30 year fixed rate FHA home loan was 4.750% on average, up from last week’s average FHA rate of 4.70%. The average points charged rose to 0.75 points from 0.575 points in the prior week.
The list below displays current FHA mortgage interest rates from the top FHA bank mortgage lenders in the U.S.
Bank of America Home Loans has a 30 year FHA mortgage rate of 4.50% with 1.0 point and an APR of 4.622%.
The 30 year FHA mortgage rate at Wells Fargo Home Loan is 4.875% with 1.0 point and a 5.63% APR.
US Bank promotes the 30 year FHA mortgage rate at 4.875% with zero points and an APR of 5.402%.
SunTrust Bank offers a 30 year FHA mortgage rate of 4.625% with 1.75 points and a 5.141% APR.
HSBC Mortgage has a 30 year fixed FHA home loan rate of 4.875% with no points and an APR at 5.067%.
Federal Housing Administration or FHA is part of governments Housing and Urban Development agency or HUD which insures theses home loans that are offered and funded by the mortgage lenders listed. The FHA lending guidelines are established to offer loans that have low down payment requirements, low closing costs and easier credit qualifications.
The down payment on these home loans can be as low as 3.5% of the purchase price, the mortgage rates compare favorably with conventional loans and most of the closing costs and fees charged by the bank or mortgage lender can be included in the loan amount.
Mortgage rates are current as of this publication date but are subject to change without notice. All mortgage loans are subject to bank or mortgage lender approval. FHA mortgage rates listed are based on home loan amounts of approximately $200,000.00 for owner occupied, single family homes. Individual loan attributes such as property value, the borrower’s assets, income and credit profiles, as well as the geographic location may lead to different rates, points and APRs.
The bank FHA mortgage lenders listed offer a variety of mortgage loan options and mortgage loan programs. For more information on the mortgage lenders listed and current FHA mortgage rates, the contact numbers are:
Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722
Bank Mortgage Lenders Rates May 24, 2010
The overall cost to obtain a 30 year fixed rate home loan was down slightly for the week ending May 21, 2010. The average 30 year mortgage rate form the top five bank mortgage lenders surveyed by Findlocalmortgagerates.com was unchanged at 4.85% while the average points charged to secure this rate was down five basis points or 5/100 of a percent to end the week at 0.60 points.
The overall cost to obtain a 15 year fixed rate home loan moved in the opposite direction and increased by a small margin for the week. The average 15 year mortgage rate was also unchanged at 4.225% while the points charged by the top five mortgage lenders increased by 7.5 basis points to close the week at 0.70 points on average.
This week’s mortgage rate survey results:
30 year mortgage rate average 4.85% with 0.60 points.
15 year mortgage rate average 4.225% with 0.70 points.
Previous week’s mortgage rate survey results:
30 year mortgage rate average 4.85% with 0.65 points.
15 year mortgage rate average 4.225% with 0.625 points.
The weekly mortgage survey results once again closely parallels the rate changes in the Treasury market. Treasury rates were lower once again with the ten year Treasury rate falling significantly more than shorter term Treasury rates which corresponds with the reduction in costs for the 30 year mortgage while the 15 year was up just slightly.
The top five mortgage lenders in this week’s survey of the 30 year fixed rate mortgages continues to include the rates of Chase Mortgage, Wells Fargo Home Loans, Citibank, Bank of America and US Bank.
The mortgage rates for the 30 year mortgage and 15 year mortgage from the individual bank mortgage lenders, the points charged and APRs were as follows:
Chase Bank’s mortgage division offers the 30 mortgage rate at 4.875% with 0.375 points and a 4.964% APR.
Chase offers the 15 year mortgage rate at 4.25% with 0.50 points and an APR of 4.420%
Bank of America Home Loans has the 30 year fixed mortgage rate at 4.750% with 1.375 points and a 4.917% APR.
Bank of America’s 15 year mortgage rate is 4.125% with 1.50 points and an APR of 4.431%.
Citibank’s mortgage operation markets the 30 year mortgage rate of 4.875% with 0.25 points and a 5.054% APR.
Citibank promotes a 15 year fixed rate mortgage with a mortgage rate of 4.250% with 0.50 points and a 4.629% APR.
Wells Fargo Home Loans markets their 30 year fixed home loan with a mortgage rate of 4.875% and 1.0 point for a 5.065% APR.
While the Wells Fargo Home Loans 15 year fixed rate is at 4.25% with 1.0 point and a 4.573% APR.
US Bank has a 30 year fixed rate loan with a mortgage rate of 4.875% and no points with a 4.941% APR.
The US Bank 15 year term mortgage rate is 4.250% and no points with a 4.361% APR.
The mortgage rates, points and APRs listed are subject to change and may be different depending on the credit, income, assets and property being purchased by the borrower. The mortgage rates, points and APRs in the Findlocalmortgagerates.com mortgage survey are for a home loan of between $200,000.00 and $275,000.00 on a single family owner occupied home with a minimum 20% down payment. The 30 year fixed rate and 15 year fixed rate mortgage rates listed are believed to be accurate and current as of the date of this publication. Mortgage interest rates are not guaranteed.
The bank mortgage lenders listed offer additional mortgage loan options including additional mortgage rate and point options. For more information on these mortgage rates, the bank mortgage lenders listed can be reached directly at the following numbers:
Chase Bank 800-873-6577
Bank of America 888-233-4124
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524
For information on CD rates offerd by these banks, please visit our sister publication Selectcdrates.com and find Chase Bank CD rates, Citibank CD rates, Bank of America CD rates, US Bank CD rates as well as Wells Fargo CD rates.
Top FHA Mortgage Rates May 21, 2010
FHA mortgage rates have continued to move measurably lower this week and are now at the lowest rates for the year. Based on the current survey of FHA mortgage rates from Findlocalmortgagerates.com, the average 30 year fixed rate FHA loan has a mortgage rate of 4.700% with 0.575 points. The current FHA mortgage rate from the top five FHA bank mortgage lenders is down from last week’s average rate of 4.95% with 0.70 points.
FHA loans are government insured loans through the US Department of Housing and Urban Development. The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government insured mortgage loans through approved mortgage lenders. These home loans have features that usually make theses mortgage loans easier for first-time home buyers to obtain. The 30-year fixed rate mortgage remains one of the most popular loans for both conventional home financing and FHA loans.
Home loan borrowers who have existing FHA mortgages may want to consider the streamline refinance programs or conventional refinance programs for those borrowers interested in refinancing their existing VA or FHA Mortgage for a lower mortgage rate or to obtain cash out at these historically low mortgage rates.
The list below displays current FHA mortgage interest rates from the top FHA bank mortgage lenders in the U.S. including Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage.
Mortgage rates, points and closing costs may vary based on loan features, geography and/or other terms and conditions. Mortgage rates, points and closing costs are subject to change without notice.
The 30 year FHA mortgage rate at Bank of America Home Loans is now at 4.50% with 0.75 points with an APR of 4.607%.
Wells Fargo Home Loan offers the 30 year FHA mortgage rate at 4.75% with 1.0 point and an APR of 5.497%.
The current 30 year FHA mortgage rate with US Bank is at 4.625% with no points and a 5.271% APR.
SunTrust Bank has a 30 year FHA mortgage rate of 4.875% and 1.125 points with an APR of 5.083%.
HSBC Mortgage has dropped their 30 year fixed rate FHA home loan to 4.875% with no points and an APR at 5.067%.
All mortgage loans are subject to bank or mortgage lender approval. FHA mortgage rates listed are based on home loan amounts of approximately $200,000.00 for owner occupied, single family homes based in Illinois.
The mortgage lenders listed offer a variety of repayment terms and mortgage loan options for FHA loans as well as other mortgage loan programs. For more information on the mortgage lenders listed and current FHA mortgage rates, the contact numbers are:
Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722
Mortgage Rates in Ohio May 20, 2010
This week’s midweek mortgage rates survey is on 30 year fixed rate mortgages and 15 year fixed rate mortgages in Ohio. The mortgage rates listed come from two of the largest bank mortgage lenders based in Ohio, Third Federal Savings and FirstMerit Bank, as well as two of the largest bank mortgage lenders in the nation, Chase Bank and Bank of America.
These are mortgage rates for 15 and 30 year fixed rate home loans. A fixed rate mortgage has an interest rate that won’t change for the life of the loan which provides a secure fixed interest rate and payment.
The following mortgage rates in Ohio are for May 20, 2010.
Third Federal offers a 30 year fixed rate mortgage with a rate of 4.60% and no points with a 4.692% APR.
Third Federal offers the 15 year loan with a mortgage rate of 3.95% and no points and an APR of 4.108%.
The mortgage rates in Ohio are available with the bank’s automatic account payment program.
FirstMerit Bank has a 30 year fixed rate home loan with an interest rate of 4.75% with no points and a 4.829% APR.
FirstMerit’s 15 year mortgage rate in Ohio is at 4.125% with no points and 4.259% APR.
Bank of America Home Loans current 30 year mortgage rate in OH is 4.75% with 1.0 point and a 4.866% APR.
Bank of America promotes a 15 year mortgage rate at 4.125% and 0.875 points with a 4.306% APR.
Chase Bank mortgage rates in Ohio for a 30 year are at 4.875% with 0.25 points and a 4.953% APR while the 15 year mortgage rate is at 4.25% with 0.375 points and a 4.401% APR.
Listed Ohio mortgage rates assume a 20% down on a single family, owner occupied home. Mortgage rates for purchases with lower down payments and mortgage rates for refinance transactions are also available form these mortgage lenders.
The mortgage interest rates, annual percentage rates (APRs) and points shown are subject to change without notice.
Prospective borrowers can use the APRs listed as a guideline to shop for mortgage loans but borrowers should generally not depend solely on the APR in choosing the best home loan. The mortgage loan APR is an effective interest rate and not the actual interest rate that the loan payments are based on. The monthly mortgage payments will be based on the actual mortgage interest rate, the amount borrowed, and the term of the home loan.
These rates are for general comparisons, actual rates may vary best on down payment, credit, and property characteristics. For additional mortgage rate information from these lenders, the contact numbers are as follows:
FirstMerit Bank mortgage department number is 1-800-562-6694
Chase Mortgage can be reached at 1-800-873-6577
Bank of America Home Loans can be reached at 1-888-233-4124
Third Federal Savings customer service is available at 1-800-844-7333
Top Five Mortgage Lenders 30 Year Mortgage Rates May 17, 2010
The average 30 year fixed rate mortgage from the top five bank mortgage lenders in the U.S. fell measurably for the week ending May 14, 2010 based on the recent mortgage rate survey performed by Findlocalmortgagerates.com. This is the second consecutive week of significant interest rate reductions in the mortgage market.
Mortgage rates from the top five bank mortgage lenders closed the week with an average mortgage rate of 4.850%. The average origination and discount points charged to obtain that rate rose moderately to 0.65 points. In the previous week, the average 30 year mortgage rate stood at 5.00% with 0.475 points.
The 15 year fixed rate loan was also lower for the week but by a smaller margin. The average 15 year fixed rate mortgage from the top five mortgage lenders was 4.225% with 0.625 points, down from the previous week’s average 15 year mortgage rate of 4.375% and 0.375 points.
This week’s results were once again were driven by financial market uncertainty which had pushed investment funds into safe and secure investments such as Treasury bonds and mortgage bonds. During the week of May 10th to May 14th, the ten year Treasury bond yield dipped from 3.57% to 3.44%. This was a drop of 13 basis points or 13/100 of a percent which closely matches the drop found in the 30 year mortgage rate.
The top five mortgage lenders in this week’s survey of the 30 year fixed rate mortgages continues to include the rates of Chase Mortgage, Wells Fargo Home Loans, Citibank, Bank of America and US Bank.
The mortgage rates for the 30 year mortgage and 15 year mortgage from these individual mortgage lenders and the points charged were as follows:
Chase Bank Mortgage’s 30 mortgage rate is 4.875% with 0.375 points and a 4.964% APR.
The 15 year mortgage rate from Chase Home Mortgage is at 4.25% with 0.25 points and an APR of 4.383%
Bank of America Home Loans offers the 30 year fixed rate mortgage at 4.750% with 1.5 points and a 4.920% APR.
Bank of America Home Loan’s 15 year mortgage rate is 4.125% with 1.375 point and a 4.40% APR.
Citibank has a 30 year mortgage rate of 4.875% with 0.375 points and a 5.076% APR.
Citibank’s 15 year fixed rate mortgage is at 4.250% with 0.50 points leading to a 4.629% APR.
Wells Fargo Home Loans has a 30 year fixed mortgage with a rate of 4.875% and 1.0 point for a 5.065% APR.
The 15 year fixed rate mortgage at Wells is at 4.25% with 1.0 point and a 4.573% APR.
US Bank’s 30 year fixed rate home loan comes with a mortgage rate of 4.875% and no points with a 4.941% APR.
A 15 year term mortgage at US Bank has a mortgage rate of 4.250% and no points with a 4.361% APR.
The mortgage rates, points and APRs listed are subject to change and may be different depending on the credit, income, assets and property being purchased by the borrower. The mortgage rates, points and APRs in the survey are for a home loan of between $200,000.00 and $275,000.00 on a single family owner occupied home with a minimum 20% down payment. The 30 year fixed rate and 15 year fixed rate mortgage rates listed are believed to be accurate and current as of the date of this publication. Mortgage interest rates are not guaranteed.
The bank mortgage lenders listed offer additional mortgage loan options including additional mortgage rate and point options. For more information on these mortgage rates, the bank mortgage lenders listed can be reached directly at the following numbers:
Chase Bank 800-873-6577
Bank of America 888-233-4124
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524
FHA Mortgage Rates Illinois May 11, 2010
As part of our weekly mortgage survey, Findlocalmortgagerates.com surveys mortgage rates from bank mortgage lenders across the U.S. for a variety of mortgage loan products. One of the key loan products measured are FHA home loans. Weekly FHA mortgage rates are published in these pages every Wednesday from the top five bank mortgage lenders and every other week we produce the rates from select banks for individual states.
Today’s data contains FHA mortgage rates in Illinois from two of the largest bank mortgage lenders, Wells Fargo Mortgage and Bank of America as well as two of the largest Illinois based banks, MB Financial Bank and First American Bank.
Current FHA mortgage rates offered by these bank mortgage lenders include:
Wells Fargo Mortgage offers a 30 year FHA loan with a mortgage rate of 5.000% with 1.0 point and an APR of 5.762%.
Bank of America markets a 30 year FHA with a rate of 4.75% and 1.0 point leading to a 4.892% APR.
MB Financial Bank promotes a 30 year FHA mortgage rate of 5.00% with no points and a 5.636% APR.
First American Bank has a 30 year fixed rate FHA loan rate of 5.00% and no points with an APR of 5.599%.
Mortgage loan APRs will vary due to points charged and other closing costs, FHA loan APRs will also vary due to the cost of monthly mortgage insurance and upfront mortgage insurance costs which are specific to FHA home loans.
An FHA loan can offer significant advantages for prospective home loan borrowers and existing homeowners looking to refinance their current mortgage loan. All of the loan programs listed are based on an FHA loan with a 3.5% down payment. FHA loans require a lower down payment than traditional, conventional loans. FHA loans also offer more flexible credit underwriting than conventional loans with little difference in interest rates and total costs.
The interest rates, annual percentage rates (APRs) and points shown are subject to change without notice. Mortgage rates and programs from these mortgage lenders may be subject to limitations. All loans and rates are subject to mortgage lender or bank approval.
Mortgage interest rates are published rates obtained from these lenders but are subject to variation based on borrower’s credit score, actual closing costs and other variables. Additional mortgage loan programs may be available.
To reach the listed mortgage lenders for current FHA mortgage rates and additional home loan information, representatives can be reached at the following phone numbers:
Wells Fargo Mortgage 877-937-9357
Bank of America 800-586-9780
First American Bank 847-952-3700
MB Financial Bank Mortgage Department 877-878-6262
Top Five Mortgage Lenders Rates May 3, 2010
Mortgage rates from the top five bank mortgage lenders dropped rather measurably for the week ending May 7, 2010 according to the most recent survey of mortgage rates performed by Findlocalmortgagerates.com.
The average mortgage rate on a 30 year fixed rate mortgage loan from the top five mortgage lenders closed out the week at 5.00% with 0.475 points. This is a reduction in the average 30 year fixed rate mortgage of ten basis points or 10/100 of a percent. In the previous week, the average 30 year fixed rate came in at 5.10%. The amount of points charged by these mortgage lenders to obtain the rate was unchanged week over week.
With mortgage rates remaining quite low throughout most of this year thus far, a drop of this magnitude is fairly significant. Of course, market turbulence in the past few weeks brought on by the problems with the financial debt troubles in Greece has driven funds into safe investments such as U.S. Treasuries and mortgage backed securities. The ten year Treasury bond, which is one of the best barometers on the direction of mortgage rates, ( the best barometer being the rates on actual mortgage backed securities ) moved from a yield of 3.72% on Monday May 3rd to 3.57% on Friday may 7th. An interest rate reduction of that magnitude is not enough seen in just one week in the Treasury markets.
One concern regarding investor turmoil and the future direction of mortgage rates is that once the concerns regarding market instability subsides funds will flow into commodities and stocks and out of Treasuries and mortgage backed securities, reversing the direction of mortgage rates and subsequently driving rates higher. This outcome for mortgage rates is highly likely, however, the rate increases in the coming weeks will most likely be mild.
The top five mortgage lenders in this week’s survey of the 30 year fixed rate mortgages continues to include the rates of Chase Mortgage, Wells Fargo Home Loans, Citibank, Bank of America and US Bank. These bank mortgage lenders are also the five largest banks in the U.S. based on assets.
The mortgage rates from these individual mortgage lenders in this week’s survey for the 30 year fixed rate home loan were as follows:
Chase Bank Mortgage’s 30 year fixed rate home loan has a mortgage interest rate of 5.125% with 0.375 points and a 5.215% APR.
Bank of America Home Loans has the 30 year fixed rate mortgage at 4.875% with 1.0 point and a 4.993% APR.
Citibank’s offers a 30 year fixed rate mortgage at 5.125% with no points and an APR of 5.261%.
Wells Fargo Home Loans markets the 30 year fixed rate mortgage loan at 4.875% and 1.0 point for a 5.065% APR.
US Bank has a 30 year fixed rate home loan with a mortgage rate of 5.000% and no points with a 5.066% APR.
There are a number of other mortgage loan options available from these mortgage lenders including additional rate and point options. The mortgage rates, points and APRs listed are subject to change. The mortgage rates, points and APRs in the survey are for a home loan of between $200,000.00 and $275,000.00 on a single family owner occupied home with a minimum 20% down payment. These mortgage rates are believed to be accurate and current as of the date of this publication. Mortgage interest rates are not guaranteed.
For additional information on these mortgage rates, the mortgage lenders can be reached directly at the following numbers:
Chase Bank 800-873-6577
Bank of America 888-233-4124
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524
FHA Mortgage Rate Survey May 5, 2010
Mortgage rates on 30 year FHA home loans were down rather significantly this week. Based on this week’s survey of FHA mortgage rates performed by Findlocalmortgagerates.com, the average FHA mortgage rate this week is 4.95%. This week’s average FHA rate is 12.5 basis points or 12/100 of a percent lower than the previous week’s FHA home loan rate of 5.075%.
The average points charged by the mortgage lenders in the survey to obtain this mortgage rate rose modestly to 0.70 points from the previous week’s average points of 0.625.
Reports on FHA loan volume continue to show an increased share of all loan originations are FHA loans. CNBC reported this morning that the figure is 50% of current home loans originated are FHA loans. FHA loans continue to offer flexible credit and qualifying standards as well as low down payments relative to the conventional mortgage market giving these loans a larger potential market to serve.
An additional significant factor in the rise in FHA loans is also the attractive mortgage interest rates and loan terms. The most recent survey on conventional 30 year fixed rate mortgages indicated an average rate of 5.10% and 0.475 points, modestly higher than the FHA loan rate.
FHA home loans are also not limited to first time home buyers and can be used to refinance an existing mortgage to lower the interest rate and payment, or save interest costs by shortening the term, or an FHA mortgage can even be used as a cash out refinance to help consolidate debt or pay for an education and more.
The largest FHA mortgage lenders in this week survey on 30 year fixed rate FHA mortgage rates included: Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage. For added comparisons of current FHA mortgage rates, the rates listed below also includes rates from TD Bank, which makes loans only in specific regions, and Bank of the West.
The current 30 year FHA mortgage rate at Bank of America Home Loans is 4.750% with 1.25 points and a 4.897% APR.
The current 30 year FHA mortgage rate at Wells Fargo Home Loan is 5.000% with 1.0 point with a 5.762% APR.
The US Bank FHA 30 year mortgage rate is at 5.00% with no points and an APR of 5.531%.
SunTrust Bank markets the 30 year FHA mortgage with an interest rate of 4.875% and 1.25 points with an APR of 5.449%.
HSBC Mortgage’s current 30 year fixed rate FHA home loan has a rate of 5.125% with no points and a 5.440% APR.
Bank of the West offers the 30 year FHA mortgage at 5.00% with 0.50 points for a 5.618% APR.
TD Bank has a 30 year FHA mortgage rate of 4.75% and no pints with an APR at 5.187%.
The mortgage interest rates, annual percentage rates (APRs) and discount points listed are current as of this publication but are subject to change without notice. The 30 year fixed rate FHA mortgage rates are based on home loan amounts of approximately $200,000.00 for owner occupied, single family homes based in Illinois. All mortgage loans are subject to bank or mortgage lender approval.
There are a variety of repayment terms and loan options available from these mortgage lenders. For more information on the mortgage lenders listed and current FHA mortgage rates, the contact numbers are:
Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722
TD Bank 800-937-5020
Bank of the West 800-488-2265