Bank Mortgage Lender Rates June 6, 2010

The most recent survey of the 30 year and 15 year fixed mortgage rates from the nation’s largest bank mortgage lenders performed by Findlocalmortgagerates.com indicated that the costs of obtaining these loans has fallen once again.

While the advertised mortgage rates for both loan products was unchanged from the previous week, the points charged by the largest bank mortgage lenders was lower bringing the total cost to obtain the 30 year and 15 year fixed rate mortgage loan down for the week. 

The average 30 year mortgage rate from the top five bank mortgage lenders is currently at 4.85%, unchanged from the prior week.  The average points charged is .375 which is down from the preceding week’s average points charged of 0.60.

The average15 year mortgage rate from the top five bank mortgage lenders remained at 4.25% for the week.  The average points charged is .575 and that is down from the earlier week’s average points charged of 0.70.

Whether you are a first-time home buyer or a current homeowner looking to buy a new property or refinance an existing mortgage with just a quick review of the bank loan rates listed, prospective borrowers can get a quick snapshot of the current mortgage rates by the largest bank mortgage lenders across the nation and help narrow down the search for the best mortgage rate and mortgage lender.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

The top five mortgage lenders in the mortgage rate survey include the rates of Chase Mortgage, Wells Fargo Home Loans, Citibank, Bank of America and US Bank.  

The 30 year mortgage rate and 15 year mortgage rate as well as the points charged and APRs from the individual bank mortgage lenders in this week’s survey were as follows:

Chase Bank mortgage has the 30 fixed mortgage rate at 4.875% with zero points and a 4.931% APR. 
Chase Mortgage promotes the 15 fixed rate home loan with a mortgage rate of 4.25% with 0.375 points and an APR of 4.401%

Bank of America Home Loans markets a 30 year fixed mortgage rate at 4.875% with 0.625 points and a 4.955% APR. 
A 15 year mortgage from Bank of America has a mortgage rate of 4.125% with 1.50 points and an APR of 4.399%.

Citibank mortgage’s 30 year mortgage rate is 4.875% with 0.25 points and a 5.054% APR.
Citibank’s 15 year fixed mortgage rate is 4.375% with no points and a 4.603% APR.

Wells Fargo Home Loans 30 year fixed mortgage rate is 4.750% and 1.0 point for a 4.939% APR.
The Wells Fargo 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

After searching for the best mortgage rate and term it can be equally important to interview the mortgage lender and look for the mortgage lender that offers an efficient process that ensures that you will receive a quick and easy underwriting process and loan closing.

The bank mortgage lender rates listed as well as the points and APRs are subject to change and may vary 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 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

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.  All mortgage loans are subject to bank approval.