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.