Jumbo Mortgage Rate Survey April 30, 2010
Jumbo mortgage rates inched down by the close of the week according to this week’s survey of jumbo mortgage rates completed by Findlocalmortgagerates.com.
The average 30 year fixed jumbo mortgage moved lower by 2.5 basis points, to 5.625 percent. A basis point is one-hundredth of a percentage point. The average points charged to obtain this rate was also lower. The average points charged by the mortgage lenders in this week’s survey dropped to 0.614 points from 0.664 points in the previous week.
Jumbo loans are also known as a non-conforming loan. Jumbo loans have balances that exceed the standards that would make it eligible for sale to Fannie Mae and Freddie Mac. The maximum amount is set annually. The 30 year fixed rate jumbo loans have interest rates that are guaranteed to remain fixed for the stated period of the loan.
Results of the survey results from the largest jumbo mortgage lenders included the following results:
Chase Mortgage’s 30 year fixed rate jumbo loan has a mortgage rate of 6.125% with 0.125 points and an APR of 6.167%. The APR is up slightly from the previous week with the mortgage rate unchanged and the points charged higher by .125.
Bank of America offers a 30 year fixed jumbo home loan with a mortgage rate of 5.500% with 0.875 points and a 5.627% APR. The mortgage rate was unchanged while the points charged dropped by 0.25.
Wells Fargo has a 30 year fixed rate jumbo loan with a rate of 5.500% and 1.0 point and a 5.643% APR. Wells Home Mortgage jumbo rate held constant for the week.
US Bank’s jumbo loan with a 30 year term that has a mortgage rate of 5.250% with1.0 point and a 5.408% APR. US Bank’s mortgage rate is lower by 0.125% from the previous week.
GMAC Mortgage offers a 30 year jumbo mortgage rate of 5.750% and 0.070 points and an APR of 5.777%. GMAC Mortgage rate is unchanged and the points charged are lower by 0.125 points.
APR calculation assumes a $500,000 loan amount with a 20% down payment for a single family, owner occupied home. Mortgage rates published are current as of this publication date. Mortgage interest rates are subject to change, and closing costs may depend on the individual mortgage loan qualifications.
For additional information on the mortgage rates listed, these bank mortgage lenders can reached at the following contact numbers:
Chase Mortgage 800-873-6577
Bank of America 800-990-6248
Wells Fargo Home Mortgage 877-937-9357
GMAC Mortgage 877-941-4622
US Bank 888-831-7524
Mortgage Rates from the Top Five Bank Mortgage Lenders April 12, 2010
The 30 year fixed rate mortgage from the top US bank mortgage lenders managed to give back some of the rate increases that have occurred in the prior two weeks and moved lower for the week ending April 9, 2010. The average rate on the 30 year fixed rate mortgage from the top five mortgage lenders dropped by 10 basis points or 10/100 of a percent according to the most recent weekly mortgage rate survey performed by Findlocalmortgagerates.com.
The average mortgage rate from the top five mortgage lenders ended the week at 5.20% and 0.60 points. This is down from the previous week’s average mortgage rate of 5.30% and 0.65 points.
All five mortgage lenders reduced their rate on the 30 year fixed rate loan this week. The top mortgage lenders in this week’s survey include: Chase Bank, Bank of America, Citibank, Wells Fargo Bank and US Bank.
The top lenders are now offering the following mortgage rates, points and APRs 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:
Chase Bank is at 5.250% and 0.500 points with a 5.352% APR.
Bank of America is at 5.125% with 1.125 points and a 5.273% APR.
Citibank’s 30 year is 5.250% with 0.375 points and a 5.490% APR.
Wells Fargo 5.125% and 1.00 point for a 5.318% APR.
US Bank is at 5.250% and no points and a 5.317% APR.
Additional mortgage rates and point options are available from these lenders as well as additional loan terms and mortgage products.
The contact numbers for the listed bank mortgage lenders to obtain current mortgage rates and additional loan information:
Chase Bank 800-873-6577
Bank of America 800-551-7975
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524
Additional mortgage rates from top lenders surveyed include:
GMAC mortgage offers a 30 year fixed rate home loan at 5.125% and 0.645 points with a 5.219% APR.
HSBC Mortgage is at 5.625% and no points with a 5.77% APR.
Fifth Third Bank markets a 30 year fixed rate home loan at 5.250% and 0.50 points for a 5.385% APR.
These mortgage lenders can be reached at the following contact numbers:
GMAC mortgage 877-941-4622
HSBC Mortgage 800-975-4722
Fifth Third Bank 866-351-5353
All listed mortgage rates, points and APRs are subject to change. The listed mortgage rates are believed to be accurate and current as of the posted date. Mortgage loans and mortgage interest rates are not guaranteed. All mortgage loan rates and mortgage loan products require bank approval.
Jumbo Mortgage Rates April 11, 2010
Jumbo mortgage rates drifted moderately higher for the second consecutive week. The average rate from the top five jumbo mortgage lenders surveyed in the weekly jumbo mortgage rate survey performed by Findlocalmortgagerates.com was higher by 10 basis points or 10/100 of a percent for the week ending April 9, 2010.
The average jumbo home loan rate ended the week at 5.70% with 0.639 points. The previous week’s average jumbo home loan rate stood at 5.60% with 1.039 points.
While jumbo loan rates have moved higher over the past few weeks, the interest rate difference between conforming loan rates and jumbo loan rates has narrowed slightly. The reduced spread is generally attributed to credit easing in bank lending, as minimal as it mat be.
Measuring the average jumbo loan rate often involves greater variation than conforming loan rates. A large segment of this variation is due to the greater dependence by mortgage lenders on credit scores and qualifications of the borrower on jumbo loans as opposed to conforming loans. Conforming loans are, well more conforming with well established underwriting standards in contrast to the jumbo loan market which is much smaller and more fragmented and thus leads to greater differences in mortgage rates offered by lenders due to relatively small variations in credit, income, down payment and the borrower’s assets.
The top five mortgage lenders used in this week’s survey results included: Chase Mortgage, Bank of America, Wells Fargo Home Mortgage, GMAC Mortgage and US Bank.
Survey results from the individual bank mortgage lenders for jumbo loan rates included:
Chase Mortgage which offers a 30 year fixed rate jumbo loan rate at 6.125% with no points and an APR of 6.155%.
Bank of America offers a jumbo loan with a mortgage rate of 5.500% with 1.0 point resulting in a 5.605% APR.
Wells Fargo Home Mortgage has a 30 year fixed rate jumbo loan rate of 5.500% and 1.0 point with an APR of 5.643%.
GMAC Mortgage promotes a 30 year jumbo mortgage with a mortgage rate of 5.875% and 0.195 points and an APR of 5.914%.
US Bank markets their jumbo loans with a mortgage rate of 5.50% and 1.0 point and a 5.660% APR.
While these are the mortgage rates are for a 30 year fixed rate jumbo loan, the bank mortgage lenders listed offer additional loan programs as well as additional rate and point options for jumbo loans.
The mortgage rates, points and APRs listed are accurate as of this publication date but are not guaranteed. Mortgage rates may change and are subject to bank approval and underwriting loan conditions. Rates may also vary by region.
The mortgage lenders listed for the survey can be contacted directly for current jumbo loan rates and terms as well as additional loan information. The phone numbers for the mortgage lenders listed are as follows:
Chase Mortgage 800-873-6577
Bank of America 800-586-9861
Wells Fargo Home Mortgage 877-937-9357
GMAC Mortgage 877-941-4622
US Bank 888-831-7524
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.