Mortgage Rates in Ohio May 20, 2010

This week’s midweek mortgage rates survey is on 30 year fixed rate mortgages and 15 year fixed rate mortgages in Ohio.  The mortgage rates listed come from two of the largest bank mortgage lenders based in Ohio, Third Federal Savings and FirstMerit Bank, as well as two of the largest bank mortgage lenders in the nation, Chase Bank and Bank of America.

These are mortgage rates for 15 and 30 year fixed rate home loans.  A fixed rate mortgage has an interest rate that won’t change for the life of the loan which provides a secure fixed interest rate and payment.

The following mortgage rates in Ohio are for May 20, 2010.

Third Federal offers a 30 year fixed rate mortgage with a rate of 4.60% and no points with a 4.692% APR.
Third Federal offers the 15 year loan with a mortgage rate of 3.95% and no points and an APR of 4.108%.
The mortgage rates in Ohio are available with the bank’s automatic account payment program.

FirstMerit Bank has a 30 year fixed rate home loan with an interest rate of 4.75% with no points and a 4.829% APR.
FirstMerit’s 15 year mortgage rate in Ohio is at 4.125% with no points and 4.259% APR.

Bank of America Home Loans current 30 year mortgage rate in OH is 4.75% with 1.0 point and a 4.866% APR.
Bank of America promotes a 15 year mortgage rate at 4.125% and 0.875 points with a 4.306% APR.

Chase Bank mortgage rates in Ohio for  a 30 year are at 4.875% with 0.25 points and a 4.953% APR while the 15 year mortgage rate is at 4.25% with 0.375 points and a 4.401% APR.

Listed Ohio mortgage rates assume a 20% down on a single family, owner occupied home.  Mortgage rates for purchases with lower down payments and mortgage rates for refinance transactions are also available form these mortgage lenders. 

The mortgage interest rates, annual percentage rates (APRs) and points shown are subject to change without notice.

Prospective borrowers can use the APRs listed as a guideline to shop for mortgage loans but borrowers should generally not depend solely on the APR in choosing the best home loan.  The mortgage loan APR is an effective interest rate and not the actual interest rate that the loan payments are based on.  The monthly mortgage payments will be based on the actual mortgage interest rate, the amount borrowed, and the term of the home loan.

These rates are for general comparisons, actual rates may vary best on down payment, credit, and property characteristics.  For additional mortgage rate information from these lenders, the contact numbers are as follows:

FirstMerit Bank mortgage department number is 1-800-562-6694
Chase Mortgage can be reached at 1-800-873-6577
Bank of America Home Loans can be reached at 1-888-233-4124
Third Federal Savings customer service is available at 1-800-844-7333