Bank Mortgage Rates August 15, 2011
Bank mortgage rates fall again. On August 9th the Federal Reserve made an announcement that they would be holding interest rates low until mid 2013. Never before has the Federal Reserve given a date on how long that would maintain a low interest rate environment and keep an accommodating monetary policy.
After the Federal Reserve released the statement Tuesday afternoon, clearly stating that policy would remain extremely loose until mid-2013, the capital market’s reaction was a quick flight to safety. The response in the bond markets led to a push in interest rates significantly to the downside with mortgage rates falling markedly.
The surge in bond prices pushed the 30 year mortgage rate in the Findlocalmortgagerates.com weekly mortgage rate survey down by ten basis points or 10/100’s of a percent. The average rate for a 30 year fixed rate mortgage ended the week at 4.35 percent after starting the week at 4.45 percent.
The shorter term bank mortgage rates fell more than the longer term, 30 year term loans. The average rate for the 15 year fixed rate mortgage was lower by 12 basis points leaving the average rate at 3.500 percent.
20 year mortgage rates matched the rate reduction of the 30 year and fell by ten basis points. The average 20 year mortgage rate concluded the week at 4.100 percent.
FHA mortgage rates followed suit and gave up ten basis points. The average 30 FHA mortgage rate from the top bank mortgage lenders landed at 4.175 percent.
The current mortgage rates offered by the top five bank mortgage lenders in the survey includes the following mortgage interest rates, points charged and resulting APRs as of August 12, 2011:
Citibank mortgage rates dropped considerably leaving the 30 year mortgage from Citi at 4.375% with 0.375 points for an APR of 4.471% and the 15 year mortgage from the bank at 3.625% with 0.25 points for a 3.771% APR.
US Bank mortgage rate reductions were not quite as significant with the 30 year at 4.250% with no points and an APR of 4.313% and the 15 year mortgage rate at 3.375% with zero points and an APR of 3.483%.
Wells Fargo mortgage rates dipped more on the 30 year than the 15 year with a 30 year loan now at 4.250% with 1.0 point and a 4.403% APR and a 15 year loan from Wells at 3.250% with 1.0 point and an APR of 3.514%.
Bank of America mortgage rates were cut by .125% for both fixed rate loan products. The 30 year mortgage rate moved down to 4.250% but with 0.875 points and a 4.394% APR and the 15 year rate slid to 3.375% and 1.125 points for an APR of 3.666%.
Chase 30 year mortgage rates bucked the trend of the other four bank mortgage lenders and increased this past week. The Chase 30 year mortgage rate came in at 4.625% with 0.250 points and a 4.711% APR and the Chase 15 year mortgage rate was 3.875% with zero points and a 3.985% APR.
The mortgage interest rates, loan points and mortgage loan APRs in the survey are retrieved directly from the bank mortgage lenders on or after August 12th, 2011. The bank mortgage rates and terms are believed to be accurate and reliable when placed on this site, but we cannot guarantee their accuracy.
All of the bank mortgage rates listed are subject to change by the bank mortgage lenders, all home loans are subject to the approval and underwriting standards established by each of the 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 August 12th, 2011.
Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in Wisconsin, mortgage loans and mortgage rates in Illinois, mortgage loans and mortgage rates in North Carolina, mortgage loans and mortgage rates in Texas and similar regional home loans and mortgage rates.