Bank Mortgage Rates Ratchet Lower December 19, 2011

Mortgage rates continue to flirt with record low levels.  This past week, mortgage rates displayed relatively little activity with limited economic news being released, what interest rate movements did take place were all to the down side.  Mortgage bond prices increased ever-so-slightly for the week pushing the interest rates down on both long term and short mortgage interest rates.

The enduring concerns about European debt, a slow U.S economy and Fed intervention keeping short term rates slightly above zero percent has been working to keep a lid on mortgage rates with the slightest negative news pushing rates even lower.

Base on the most recent mortgage rate survey of bank mortgage rates conducted by Findlocalmortgagerates.com, the average 30 year mortgage rate from the top five bank mortgage lenders was cut back by just 2.5 basis points.  One basis point is equal to 1/100th of a percent.  30 year mortgage rates are now sitting at 4.050 percent after slipping to 4.075 percent in the week earlier.

The 15 year term mortgages also dropped down by 2.5 basis points.  The average 15 year mortgage rate in the most current survey is 3.325 percent, just slightly off of last week’s average rate of 3.350 percent.

The average interest rate on the FHA home loan managed to make it three in a row and dropped lower by 2.5 basis points as well.  The average FHA mortgage rate slumped to 3.925 percent from 3.950 percent in the week earlier rate 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 December 16, 2011:

Chase Bank mortgage rate for a 30 year term loan dipped to 4.125% and 0.375 points and an APR at 4.219% APR. 

Wells Fargo mortgage rate on a 30 year term home loan moved down by .25 percent to an interest rate of 3.875% with 1.0 point and a 4.025% APR.

Citibank mortgage rates were unchanged this week with the 30 year mortgage rate remaining at 4.250% with 0.125 points and a 4.324%.

Bank of America mortgage rates also remained in check with the B of A 30 year mortgage rate holding at 4.000% with 1.0 point with an APR of 4.158%.

US Bank reduced their 30 year mortgage rate to 4.00%, a .125% rate reduction, with zero points and an APR of 4.062%.

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 December 16, 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 December 16, 2011. 

Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in Illinois, mortgage loans and mortgage rates in Louisiana, mortgage loans and mortgage rates in Maine, mortgage loans and mortgage rates in New York and similar regional home loans and mortgage rates.