Bank Mortgage Lender Rates Off Slightly October 24, 2011
Anticipation over a solution the European debt crisis and slightly stronger economic news in the U.S. pushed mortgage interest rates significantly higher for the first two weeks of October. As reality set in and the optimism that both the European debt crisis would reach a resolution and U.S. growth would pick up steam was brushed aside, mortgage rates have retreated faintly.
Based on the most recent survey of bank mortgage rates performed by Findlocalmortgagerates.com, the average mortgage rate on 30 year fixed rate loans, 15 year fixed rate loans and FHA loans were marginally lower for the week ending October 21, 2011.
30 year fixed rate home loans dropped in rate by five basis points for the week or 5/100ths of a percent. The average rate on the 30 year mortgage in the weekly survey slipped to 4.275 percent from 4.325 percent in the week earlier.
15 year mortgage rates were cheaper by double that found in the 30 year term loan, a generally unusual rate change. 15 year mortgage rates were off by ten basis points which pushed the average 15 year mortgage rate down to 3.450 percent.
The average 30 year FHA mortgage rate gave up just 2.5 basis points for the week. The average FHA mortgage rate was cut back from 4.100 percent in last week’s mortgage rate survey to 4.075 percent for the current survey.
Mortgage rates offered by the top five bank mortgage lenders in the weekly survey includes the following 30 year mortgage interest rates, points charged and resulting APRs as of October 7, 2011:
A Chase Bank 30 year mortgage rate is 4.375% with 0.0 points and a 4.439% APR.
Wells Fargo 30 year mortgage rate is available at 4.125% with 1.0 point and an APR at 4.277%.
US Bank promotes the 30 year fixed rate mortgage at 4.375% and no points with an APR of 4.439%.
Citibank’s 30 year mortgage interest rate is 4.375% and 0.375 points for an APR of 4.471%.
Bank of America has the 30 year mortgage with an interest rate of 4.125% and 1.125 points resulting in a 4.2984% APR.
The mortgage interest rates, loan points and mortgage loan APRs in the Findlocalmortgagerates.com survey are retrieved directly from the bank mortgage lenders on or after October 21, 2011. All of the bank mortgage rates listed are subject to change at any time. All home loans are subject to the approval and underwriting standards established by each of the individual mortgage lenders.
The mortgage rates and mortgage costs in the survey are based on a mortgage loan request for a single family purchase based in California with a loan amount of $250,000.00 and a 20% down payment on or after October 21, 2011.
Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in Louisiana, mortgage loans and mortgage rates in California, mortgage loans and mortgage rates in Texas, mortgage loans and mortgage rates in Arizona and similar regional home loans and mortgage rates.