Mortgage Rates from the Big Five Banks February 26, 2010
The five largest U.S. banks, ranked by assets, are Chase Bank, Bank of America, Citibank, Wells Fargo and US Bank. The mortgage rates and mortgage loans presented by these five banks offer a good barometer of the home loans available in today’s mortgage market.
Findlocalmortgagerates.com conducts a weekly survey of the largest bank mortgage lenders and produces a sample of loan rates drawn from the survey.
Current mortgage rates offered by the top five lenders include:
Chase Bank mortgage loans:
30 year fixed rate loan has a mortgage rate of 5.125% and 0.50 points with a 5.227% APR.
15 year fixed rate loan has a mortgage rate of 4.500% and 0.375 points with a 4.690% APR.
A 5/1 adjustable rate mortgage has a mortgage rate of 4.250% and no points with a 3.598% APR.
Bank of America mortgage loans:
30 year fixed rate loan has a mortgage rate of 4.875% and 0.625 points with a 5.040% APR.
15 year fixed rate loan has a mortgage rate of 4.250% and 0.875 points with a 4.570% APR.
A 5/1 adjustable rate mortgage has a mortgage rate of 3.625% and 1.125 points with a 3.493% APR.
Citibank mortgage loans:
30 year fixed rate loan has a mortgage rate of 5.125% and no points with a 5.294% APR.
15 year fixed rate loan has a mortgage rate of 4.375% and 0.250 points with a 4.735% APR.
Wells Fargo mortgage loans:
30 year fixed rate loan has a mortgage rate of 4.875% and 1.0 point with a 5.065% APR.
15 year fixed rate loan has a mortgage rate of 4.250% and 1.0 point with a 4.573% APR.
A 5/1 adjustable rate mortgage has a mortgage rate of 3.750% and 1.0 point with a 3.519% APR.
US Bank mortgage loans:
30 year fixed rate loan has a mortgage rate of 4.875% and 1.0 point with a 5.029% APR.
15 year fixed rate loan has a mortgage rate of 4.250% and 1.0 point with a 4.511% APR.
A 5/1 adjustable rate mortgage has a mortgage rate of 3.375% and 1.0 point with a 3.678% APR.
On the adjustable rate loans listed, interest rates are subject to change and potential increases over the life of the loan once the initial fixed-rate period ends.
Mortgage rates listed are the rates for a single family, owner occupied residence with a down payment of 20% or greater, other restrictions and conditions may apply. Mortgage loans and mortgage rates are subject to bank approval and may change without notice.
The mortgage lenders listed may offer many different loan programs and different mortgage rate and point options. For more information on products or rates not listed, contact the lender directly.