Today’s Mortgage Rates September 9, 2010
Today’s mortgage rates are above last week’s low point but are ending this week slightly lower than where they started.
Based on the most recent survey of fixed rate mortgages performed by Findlocalmortgagerates.com, the average 30 year mortgage interest rate is at 4.65% with .45 points. The average 15 year mortgage interest rate is at 4.125% and .50 points.
While these mortgage rates have risen since the lows hit in the middle of the previous week, they are lower now than they were at the start of the week. The 30 year mortgage started the week at 4.70% with .475 points while the 15 year was at 4.15% and .50 points.
Results from the most today’s mortgage rate survey for the 30 year and 15 year mortgage at five of the largest bank mortgage lenders included the following mortgage rates and terms:
Chase mortgage rates on the 30 and 15 year loans were 4.75% with .125 points for an APR of 4.816% on the 30 and 4.50% with .125 points for a 4.615% APR for the 15.
Wells Mortgage rates for the 30 and 15 year mortgage were 4.375% with 1.0 point and a 4.530% APR for the 30 year and 3.750% with 1.0 point with a 4.017% APR on the 15 year home loan.
Bank America mortgage rates came in at 4.625% and 1.125 points with a 4.765% APR for the 30 year home loan and 4.125% with 1.0 point and a 4.35% APR on the 15 year.
SunTrust mortgage rates were 4.50% with 1.125 points and an APR of 4.627% for the 30 year and 3.875% with 1.125 points and a 4.091% APR on the 15 year loan.
TD mortgage rates for Sept. 9 were 4.625% and zero points with a 4.667% APR on the 30 year home loan while the 15 year was 3.875% and zero points with a 3.947% APR.
All mortgage loans and mortgage interest rates listed require bank approval and bank underwriting. Today’s mortgage rates and costs listed are current as of this publication date but are subject to change by the bank mortgage lenders and are not guaranteed.
Bank mortgage rates are dependent on the credit profile of the borrower, the down payment amount, property type and geographic location, along with other factors that will impact a specific loan request and may alter the mortgage rate and costs. The mortgage rates listed are based on mortgage loan amounts of approximately $250,000.00 with a 20% down payment for a single family owner occupied property.
The mortgage rates and points listed are just a sample of the rates from the Findlocalmortgagerates.com survey and are just a sample of the loan programs and mortgage rates that are available from these bank mortgage lenders.
TN Mortgage Rates June 28, 2010
Mortgage rates in Tennessee have dropped rather measurably in June. When it comes to choosing the best TN mortgage rates a review of local bank mortgage lenders as well as the largest national bank mortgage lenders provides a good foundation.
Two of the top ten largest banks in Tennessee that offer competitive mortgage rates and home loan products include Wilson Bank and Trust and Home Federal Bank. These mortgage rates were recently compared to the mortgage rates of two of the top ten largest banks in the nation, Chase Bank and Bank of America.
The two largest U.S. banks are offering the following mortgage rates and terms:
Chase mortgage rates in TN on a 30 year fixed rate mortgage is at 5.125% with 0.25 points and an APR of 5.219%.
Chase Bank offers the 15 year fixed rate loan at 4.625% with no points and a 4.746% APR.
Bank of America markets a 30 year mortgage rate at 4.75% and 1.125 points with an APR of 4.892%.
Bank of America mortgage rate on 15 year home loan is at 3.875% with 1.0 point and an APR of 4.099%.
The two top ten banks in Tennessee are offering the following mortgage rates and terms:
Home Federal Bank based in Knoxville offers a 30 year fixed rate home loan with a rate of 4.25% with 1.25 points and an APR of 4.3744%.
The 15 year fixed rate mortgage from Home Federal Bank is at 3.75% with 1.0 point and a 3.929% APR.
Wilson Bank and Trust promotes a 30 year fixed at 4.50% with no points and a 4.528% APR.
The TN mortgage rate for a 15 year from Wilson Bank and Trust is at 3.875% and no points and a 3.924% APR.
The TN mortgage interest rates, points and APRs listed are based on a home purchase with a 20% down payment on a single family property for borrowers with an excellent credit history. The actual TN mortgage rates and APRs will be based on the borrower’s credit history, income and assets as well as the property location and value.
Mortgage rates in TN listed are current as of this publication date but are not guaranteed. All mortgage loans are subject to bank lender approval and conditions.
The banks listed offer a variety of loan options to choose from including fixed rate mortgages in Tennessee and adjustable rate mortgages.
Home Federal Bank can be reached at 865-691-0935
Wilson Bank and Trust can be reached at 615-444-2824
Bank of America mortgage department is available at 1-888-233-4124
Chase Mortgage representatives can be reached at 1-800-873-6577
Washington Mortgage Rates with West Coast Bank
West Coast Bank is a Northwest bank that operates 65 bank branches in Oregon and Washington and offers, among a number of consumer products, home mortgages with competitive mortgage rates in Washington and Oregon.
West Coast Bank is headquartered in Lake Oswego, Oregon. The bank combines a wide array of mortgage loan products with consumer service and local decision making.
Along with mortgage loans, West Coast Bank offers personal and business checking and saving accounts, credit solutions, treasury management, personal loans, credit cards, and certificate of deposit. West Coast Bank offers an array of personal and commercial banking products and services in addition to commercial, residential, construction, and mortgage loans.
When it comes to home financing options presented by West Coast Bank, there are many different alternatives to choose from. The bank’s home loan choices include fixed rate mortgages and adjustable rate mortgages. The mortgage loans come with several different terms and different mortgage rates and point combinations.
Since there are such a variety of loans available and financial decisions involved in either obtaining a home loan for purchasing or refinancing a home, West Coast Bank has a number of loan representatives to answer questions and assist with home lending needs.
Borrowers can call or e-mail one of the mortgage professionals to answer questions or to ask for advice. West Coast Bank also offers easy free pre-qualifications to help borrowers understand the process and allow prospective home buyers to search for a new home knowing that they can afford the mortgage.
Current mortgage rates in Washington offered by West Coast Bank include the following rates and terms:
A 30 year mortgage in Washington has a mortgage rate of 5.125% and 0.875 points with an APR of 5.258%.
A 15 year mortgage in has a mortgage rate in Washington of 4.500% and 0.125 points with an APR of 4.611%.
For an adjustable rate mortgage, West Coast Bank offers a 3/1 ARM with a mortgage rate of 3.875% with 0.500 points and an APR of 3.084%.
The longer fixed period adjustable rate mortgage is the 5/1 ARM. West Coast Bank offers the 5/1 ARM with a mortgage rate of 3.875% with 0.25 points and a 3.211% APR.
The mortgage interest rates in Washington, annual percentage rates (APRs) and points offered by the bank are subject to change without notice. All loans and mortgage rates listed are based on an owner occupied single family property with a loan to value of 75%. All loans are subject to bank approval. Additional terms as well as mortgage rates in Washington are available.
For current mortgage rates and additional home loan information from West Coast Bank a bank representative can be reached at 800-981-7999. The bank offices are open 7-4 Mon-Fri.
Mortgage Rates in Florida with EverBank
EverBank offers a number of options for home financing. The bank offers fixed rate home loans and adjustable rate home loans with competitive mortgage rates in Florida and other states.
The fixed rate mortgage loan options have varying terms and all of the fixed rate loans provide the borrower with a fixed monthly payment that will not change during the term of the mortgage loan. Many borrowers have chosen fixed rate mortgages due to their constant monthly payment but they are also the number one home loan chosen when mortgage interest rates are low.
The adjustable rate mortgages offered by EverBank offer a lower initial monthly mortgage payment and mortgage rate to fit the financial needs of borrowers who willing to accept the risk of rising rates and mortgage payments for a reduced payment initially.
Current Florida mortgage rates and loan terms offered by EverBank include:
30 year fixed rate home loan has a mortgage rate of 4.75% and an APR of 4.89%.
A fixed rate home loan on a 15 year terms has a mortgage rate of 4.125% and APR of 4.348%.
The bank offers an adjustable rate mortgage that has a mortgage rate fixed for the first five years that has a rate of 3.500% and a 3.385% APR. This is mortgage loan that has a variable rate and the monthly paymenst and interest rate may change.
Mortgage loans are available for purchases as well as refinancing existing home loans.
Mortgage rates as current as of March 9, 2010 but rates are subject to change and are not guaranteed. Florida mortgage rates and APRs are based on a single family home that is owner occupied and has a minimum 20% down payment. All mortgage loans are subject to bank approval and underwriting standards. Other restrictions and limitations on the loans listed may apply.
For more information on current mortgage rates in Florida or any other state that EverBank makes home loans or to start the mortgage application process, a mortgage representative from EverBank can be reached at 877-436-4381.
EverBank Financial Corp is a private financial services holding company headquartered in Jacksonville, Florida. EverBank operates nationally and handles consumer direct banking and lending across the U.S. The Community Banking division of EverBank serves banking customers in the Northeast Florida retail market, offering commercial and retail banking and lending products.
Mortgage Rates in NJ with RSI Bank
RSI Bank has been doing business in New Jersey since 1851. The bank offers a number of financial services and bank products including home loans and mortgages. RSI bank offers several home loan programs that are available on properties located throughout the state of New Jersey.
Mortgage loans offered by RSI Bank include standard fixed rate mortgages and adjustable rate mortgages as well as FHA loans and reverse mortgages. The bank also offers biweekly payment home loans for those borrowers that want to pay off their home loan faster by making more frequent payments and save significant costs over the life of the loan.
The reverse mortgage option allows home owners that are 62 years of age and older to borrow against the equity in their home without having to pay anything until they no longer own the property. Reverse mortgages are not based on the income of the borrower or the credit of the borrower.
RSI Bank offers borrowers competitive mortgage rates in New Jersey and for those potential home loan borrowers looking for a new home in New Jersey, the bank provides pre-qualification and pre-approval services.
Along with competitive New Jersey mortgage rates and loan programs, RSI Bank also a number of services to its bank and loan customers. RSI Bank offers automatic payment deductions in which the borrower can pay their RSI loans from an account held at RSI Bank or any other bank. The bank offers online banking which allows customers to view their payment history online 24 hours a day. Additional bank services include telephone banking and the ability to apply for the home loans at the branch or online safely and securely.
Current NJ mortgage rates and NJ mortgage loans offered by RSI Bank include:
A 30 year fixed rate loan in New Jersey has a mortgage rate of 5.125% with no points and an APR of 5.145%.
The same 30 year fixed rate loan is also available with a mortgage rate of 4.875% with 1.00 point that has an APR of 4.982%.
A 15 year term loan has a mortgage rate of 4.500% with no points and an APR of 4.533%.
The bank has a 10 year loan with a mortgage rate of 4.375% and no points with 4.4225 APR.
The bank’s 5 year adjustable rate mortgage that has a 30 year term has a mortgage rate in NJ of 4.625% with no points and an APR of 4.801%
Additional mortgage rates in NJ with varying costs and point options are also available.
NJ mortgage rates and annual percentage rates ( APRs ) listed are for owner-occupied single family homes with a minimum down payment of 20%. Mortgage rates are current as of March 4, 2010. All mortgage rates are subject to change without notice and all home loans are subject to bank approval and conditions.
RSI Bank is based in Rahway, New Jersey. For current mortgage rates and loan terms, a bank loan officer can be reached at 732- 388-1800.
Freddie Mac Finally Stops Buying Interest Only Mortgages
Freddie Mac announced, with little fanfare, that it will stop buying and securing mortgage loans that are based on interest only payments. Freddie Mac is the second largest purchaser of home mortgages in the U.S. behind only Fannie Mae. The press release provide by Freddie Mac announced that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial Interest fixed-rate and adjustable-rate mortgages.
Interest only mortgages became popular near the top of the housing boom, allowing buyers to purchase a larger home based on a lower mortgage payment provided by the interest only loan feature. Interest only mortgage loans offered the borrowers the ability to make monthly payments that were only the interest portion of the debt and paid off none of the principal balance.
The interest only option would be for a specified period after which time the loan would require interest and principal payments to retire the debt in full. The interest only period frequently ran from five to ten years and then principal and interest payments would be scheduled on a fully amortizing basis for the remainder of the mortgage term.
Interest only options were available on both fixed rate mortgages and adjustable rate mortgages. These loans allowed homeowners to make purchases during the period when homes were becoming less affordable. The rational for these home loans is certainly suspect, the borrower is eventually going to be confronted with a larger more mortgage payment once the interest only period expires and for both the mortgage lender and home owner, there is no increase in equity during the interest only period unless housing prices continue to ratchet up. The end result, these types of mortgage loans ended up performing worse than conventional, fully amortizing fixed rate loans.
Fewer of these home loan have been produced in the past months since underwriting standards have become stricter. Borrowers need to qualify for the loan based on a fully amortizing payment instead of just the interest only payment and they often require a larger down payment.
These changes may not put an end to these type of home loans forever but there are certainly fewer banks that make loans that do meet the qualifications established by Fannie Mae and Freddie Mac. It is not likely that very many banks will be willing to take the risk of originating these loans without the security of Freddie Mac purchasing or securitizing the loans and leaving the possibly the bank will get stuck with a greater number of non-performing loans.
Mortgage Rates in Illinois with KeyBank
Home loans in Illinois are available from several mortgage lenders. Finding the best mortgage for a purchase or mortgage refinance in Illinois can be challenging. The one key tactic is to shop around, to compare costs and terms, and to negotiate for the best deal.
Shopping around for a home loan or mortgage will help you to get the best financing deal. KeyBank is one of the top twenty largest banks in the U.S. that offers competitive mortgage rates in Illinois.
KeyBank offers fixed rate loans that have repayment terms of 15, 20, or 30 years. The mortgage lender also offer variety of adjustable rate mortgages in Illinois.
Borrowers should compare all the costs involved in obtaining a mortgage and estimate how long they plan to own the home to determine whether an ARM is more appropriate than a fixed rate mortgage.
The following list is a sampling of the varying terms, products, and rates available for mortgage loans for purchases and refinances in Illinois through KeyBank on February 9, 2010. The mortgage rates are based on loan type, down payment, and location selections made for a single family, primary residence.
30 year fixed rate mortgage rate is 5.000% with 0.000% points and a 5.135% APR.
15 year fixed rate mortgage rate is 4.375% with 0.000% points and a 4.596% APR.
5/1 ARM mortgage rate is 4.250% with 0.375% points and a 3.653% APR.
30 year fixed FHA loan mortgage rate is 5.125% with 0.000% points and a 5.262% APR.
30 year jumbo loan mortgage rate is 7.375% with 0.000% points and a 7.513% APR.
Mortgage loan rates in Illinois may change daily. These interest rates and/or points are subject to change without notice by the bank, and may vary based on credit quality, loan amount, and property type. All home loan products offered by the bank are subject to credit approval.
The APRs for the listed loans assume a 20.00% down payment on the purchase of an owner occupied one unit dwelling and with no secondary financing. The APR may not include all closing costs.
For current mortgage rates in Illinois from KeyBank a mortgage representative from the bank can be reached at 1-800-422-2442.
GMAC Mortgage Rates February 7, 2010
GMAC Mortgage Corporation is among the largest residential mortgage servicers and originators in the U.S. GMAC Mortgage originates first and second residential mortgage loans. Mortgage loans offered by GMAC Mortgage encompass a wide assortment of mortgage loan programs and options for both home purchases and refinances.
GMAC Mortgage is an indirect wholly owned subsidiary of GMAC LLC which includes several financial services companies including Ally Bank, Capmark Financial Group, GMAC Mortgage Subservicing and Ditech Funding.
With GMAC Mortgage, prospective home loan borrowers have several mortgage products to choose from depending on their personal financial situation. GMAC Mortgage traditional mortgage products include fixed rate mortgages, adjustable rate mortgages and FHA loans. All loans come with competitive rates and some of the loans offered include flexible down payment options.
Current mortgage rates and terms offered by GMAC mortgage include the following:
A 30 year fixed rate loan that has a mortgage rate of 5.125% with 0.195 points and an APR of 5.180%.
For buyers that would like a lower a mortgage rate and are willing to pay slightly higher closing costs, GMAC mortgage offers a 30 year fixed rate loan with a mortgage rate of 4.625% and 2.570 points and an APR of 4.888%.
15 year fixed rate loan has a mortgage rate of 4.375% with 0.320 points and an APR of 4.487%.
As an adjustable rate mortgage option, GMAC offers a 5/1 LIBOR ARM that has a mortgage rate of 3.875% with 0.070 points and an APR of 3.916%.
Mortgage interest rates are subject to change, and closing costs depend on the property location and the home loan options. All mortgages are subject to approval and additional conditions will apply.
The mortgage rates and terms listed are based on a home loan of $250,000.00 for a purchase transaction on a single family home valued at $325,000.00 in the state of Illinois.
The mortgage loan process with GMAC can be started easily online at their website or by calling 1.877.941.4622 and speaking with a loan representative.
Before choosing any mortgage loan product, make sure to fully understand the terms and conditions offered.
US Bank Home Mortgage Arkansas Bryant
US Bank home mortgage loan officer contact for Bryant, Arkansas. U.S. Bank Home Mortgage is part of U.S. Bancorp. US Bank is a financial services holding company that is headquartered in Minneapolis, Minnesota and has bank branch locations in 24 states.
U.S. Bank home mortgage has an extensive offering of loan programs, including: fixed rate mortgages, adjustable rate mortgages, low down payment/ high loan to value programs, second home purchase programs, jumbo loans and FHA loans.
Contact information for the US Bank Home Mortgage representative in Bryant, Arkansas:
Debbie Hairston-Arroyo
Mortgage Loan Officer
U.S. Bank Home Mortgage
100 Commerce
Bryant, AR 72022
Office: 501-847-3246
Cell: 501-786-1825
Fax: 501-847-6243
Debbie.hairston@usbank.com
Along with contacting the local loan officer, consumers looking for home mortgages for a purchase or refinance can contact the US Bank main toll free mortgage specialist line at 888-831-7524, locate the local US Bank branch, send an email request t or fill a mortgage application online.
The US Bank website also provides tool resources to find the best mortgage to fit your needs with current mortgage rates and mortgage calculators including a pre-qualification calculator.
Once a borrower has a US Bank mortgage account the online resources of the bank allows the users to pay their mortgage online, view their mortgage payment history and review their monthly mortgage statement.
Mortgage Rates January 11, 2010 on 30 Year fixed Rate Home Loans
Mortgage rates have been inching up slowly but steadily over ansthe past several weeks. Though mortgage rates are up, the increases have been mild and rates remain at relatively low levels.
The enclosed list of mortgage rates includes some of the largest mortgage lenders in the U.S. Among the list of mortgage lenders and mortgage rates are a number of 30 year term home loans with a rate of 5.25% and no points. Mortgage rates from the top lenders can be found lower on the list with added cost of paying points along with closing costs.
As mortgage rates have become slightly more volatile, the biggest change in mortgage rates has been the increase in the average amount of points and fees charged. The enclosed list searches among the top mortgage lenders and post the rates with the lowest points
30 year fixed rate mortgages with no points can be found at the following large mortgage lenders:
US Bank 30 year rate is 5.250 with 0.000 points and an APR of 5.317%
Phone number: 888-831-7524.
AimLoan.com 30 year has a rate of 5.250% with 0.000 points and an APR of 5.337%
Phone number: 888-411-4246.
Shelter Bank 30 year rate is 5.250 with 0.000 points and an APR of 5.810%
Phone number: 800-251-7115.
In addition to those rates a few large US mortgage lenders have rates that at 5.25% or lower with less than a one point origination fee.
Citibank 30 year fixed rate is 5.250% with 0.125 points with an APR of 5.443%
Phone number: 800-667-8424.
Chase Bank 30 year is at 5.250% with 0.250 points and an APR of 5.323%
Phone number: 800-873-6577.
Fifth Third Bank offers a slightly lower 30 year rate at 5.115% with 0.500 points and an APR of 5.272%
Phone number: 866-351-5353.
Mortgage rates are subject to change at anytime. Interest rates change regularly, based on fluctuations in the interest rate market.
In order to determine the borrower’s ability to repay the loan and adjust the mortgage rate to match any added risk on a particular borrower’s home loan, the mortgage lender will evaluate income and assets as well as debts and credit history.
Call the mortgage lender to obtain the most current home loan rates and obtain a written list of the estimated closing costs associated with your mortgage transaction to avoid any misunderstandings regarding the proposed transaction. A good faith estimate is required by federal law; it includes charges from the mortgage lender and third party charges, and approximate costs for property taxes and homeowner’s insurance.
Mortgage rates offered by the listed local mortgage lenders and banks are accurate of January 10, 2009. Rates may change and additional conditions will apply.
The above lenders all offer mortgage rate lock options with various conditions. Once a borrower locks in a mortgage rate the mortgage rate will not change regardless of what happens in the interest rate market as long as they close on the home loan on or before the rate lock expiration date.