Top FHA Mortgage Lender Rates May 26, 2010
FHA mortgage rates surveyed by Findlocalmortgagerates.com for the week ending May 26, 2010 were up modestly for the first time in three weeks. The average FHA mortgage rate from the top five bank mortgage lenders including Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage was higher for both the mortgage rate and points charged to obtain the mortgage rate.
The overall cost to obtain a 30 year fixed rate FHA home loan was 4.750% on average, up from last week’s average FHA rate of 4.70%. The average points charged rose to 0.75 points from 0.575 points in the prior week.
The list below displays current FHA mortgage interest rates from the top FHA bank mortgage lenders in the U.S.
Bank of America Home Loans has a 30 year FHA mortgage rate of 4.50% with 1.0 point and an APR of 4.622%.
The 30 year FHA mortgage rate at Wells Fargo Home Loan is 4.875% with 1.0 point and a 5.63% APR.
US Bank promotes the 30 year FHA mortgage rate at 4.875% with zero points and an APR of 5.402%.
SunTrust Bank offers a 30 year FHA mortgage rate of 4.625% with 1.75 points and a 5.141% APR.
HSBC Mortgage has a 30 year fixed FHA home loan rate of 4.875% with no points and an APR at 5.067%.
Federal Housing Administration or FHA is part of governments Housing and Urban Development agency or HUD which insures theses home loans that are offered and funded by the mortgage lenders listed. The FHA lending guidelines are established to offer loans that have low down payment requirements, low closing costs and easier credit qualifications.
The down payment on these home loans can be as low as 3.5% of the purchase price, the mortgage rates compare favorably with conventional loans and most of the closing costs and fees charged by the bank or mortgage lender can be included in the loan amount.
Mortgage rates are current as of this publication date but are subject to change without notice. All mortgage loans are subject to bank or mortgage lender approval. FHA mortgage rates listed are based on home loan amounts of approximately $200,000.00 for owner occupied, single family homes. Individual loan attributes such as property value, the borrower’s assets, income and credit profiles, as well as the geographic location may lead to different rates, points and APRs.
The bank FHA mortgage lenders listed offer a variety of mortgage loan options and mortgage loan programs. For more information on the mortgage lenders listed and current FHA mortgage rates, the contact numbers are:
Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722
Current FHA Mortgage Rates April 22, 2010
The average rate for 30 year fixed rate FHA home loans were modestly lower this week based on the most recent survey of FHA mortgage lenders performed by Findlocalmortgagerates.com. The average FHA mortgage rate from the largest mortgage lenders was down by ten basis points or 10/100 of a percent for the week.
The average FHA mortgage rate this week stands at 5.05% with 0.725 points down from the prior week’s average FHA mortgage rate of 5.15% and 0.525 points.
The largest mortgage lenders in the survey includes: Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage. Of the largest mortgage lenders, three of the five reduced their mortgage rates while the other two lenders held their rates stable for the week.
The current FHA mortgage rates, points and APRs on a 30 year fixed rate loan from the top five mortgage lenders included the following:
The 30 year FHA mortgage at Bank of America Home Loans is now 4.875% with 1.0 point and a 5.021% APR. The 30 year fixed rate FHA Home loan at Wells Fargo Home Loan has a rate of 5.125% with 1.0 point and an APR of 5.897%. Bank of America reduced their rate from the previous week while Wells Fargo held their rate steady. Bank of America and Wells Fargo are by far the largest bank mortgage lenders by volume as of the close of 2009.
HSBC Mortgage has 30 year fixed rate FHA loan at 5.125% with no points and a 5.310% APR.
US Bank markets an FHA mortgage rate for a 30 year term at 5.250% and no points with a 5.792% APR.
SunTrust Bank’s 30 year FHA mortgage rate is now at 4.875% with 1.625 points resulting in a 5.484% APR.
FHA loans are available for first time buyers as well as other consumers purchasing a new home or seeking to refinance an existing home loan. FHA loans cannot be used for investment properties or second homes nor can a borrower have more than one FHA mortgage except under extraordinary circumstances.
The FHA mortgage rate survey results are based on mortgage loan amounts of approximately $200,000.00 for owner occupied, single family homes based in Illinois. The mortgage rates and points listed are current as of this publication date but are not guaranteed and are subject to change. All home loans are subject to bank or mortgage lender approval, additional conditions will apply.
For current FHA mortgage rates and loan terms from the FHA mortgage lenders listed, the following phone numbers may be used:
Bank of America 800-551-7975
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722
Top Five Bank Mortgage Lender Rates March 30, 2010
The top bank mortgage lenders increased their 30 year fixed rate mortgages slightly for the week ending March 26, 2010 based on the weekly mortgage rate survey performed by Findlocalmortgagerates.com.
The 30 year fixed mortgage rate and point increase over the past week was relatively mild. The average 30 year fixed rate mortgage available from the top five largest bank mortgage lenders came in at 5.075% with .575 points. The current mortgage rate is an increase from the prior week’s average rate that stood at 5.075% and 0.575 points.
The weekly survey performed by Findlocalmortgagerates.com reviews the mortgage rates and home loan programs of the largest US based mortgage lenders. The top five largest U.S. bank mortgage lenders listed below are ranked based on assets and includes: Chase Bank, Bank of America, Citibank, Wells Fargo Bank and US Bank.
As small as the rate increase was, all of the top five bank mortgage lenders increased their mortgage rates and costs on the week. Mortgage rates and points are based on a conforming loan amount of approximately $200,000.00 with a 20% down payment on a single family home that is owner occupied. All bank mortgage rates are based on lender approval.
Chase Bank increased the cost on new mortgage loan to 5.250% with 0.375 points. Chase Bank had offered 5.250% with 0.125 points in the previous week.
Bank of America is currently offering a 30 fixed rate mortgage at 4.875% with 1.25 points up from last week’s mortgage rate of 4.875% and 0.75 points.
Citibank is at 5.125% and 0.50 points. At this time last week, Citibank promoted the 30 year fixed rate home loan on a $200,000 loan amount at 5.125% and 0.25 points.
Wells Fargo Home Loan markets the 30 year fixed rate home loan at 5.000% and 1.00 points, and increase in rate of 0.125% from the previous week’s rate of 4.875% with 1.00 point.
And US Bank has a 30 year fixed rate home loan with a mortgage rate of 5.125% and no points. This is an increase from the previous week’s figures of 5.00% and no points.
Recap of the current 30 year fixed rate mortgage loans by the top five bank mortgage lenders:
Chase Bank 5.250% and 0.125 points with an APR of 5.318%.
Bank of America 4.875% and 1.250 points and a 5.055% APR.
Citibank 5.125% with 0.50 points and a 5.386% APR.
Wells Fargo 5.000% and 1.00 point for a 5.191% APR.
US Bank is at 5.125% and no pints with an APR of 5.192%
The contact numbers for the listed banks to obtain current mortgage rates and 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
All mortgage rates and points listed are subject to change and all home loans would require bank approval. Additional mortgage rates and point options are available from these mortgage lenders.
All information is obtained from the bank mortgage lenders and is believed to be accurate and current as of the posted date. Mortgage loans and mortgage interest rates are not guaranteed.
Top Five Bank Mortgage Rates March 15, 2010
Continuing our series on mortgage rates from the top five bank mortgage lenders, this week’s rate survey from findlocalmortagerates.com shows results on mortgage rates from the top five bank lenders through March 12, 2010 with changes from the previous week.
The five largest U.S. banks ranked by assets are Chase Bank, Bank of America, Citibank, Wells Fargo Bank and US Bank.
Mortgage rates are listed are for borrowers with good to excellent credit with a down payment of 20% or greater for a mortgage loan on a single family owner occupied property. Additional mortgage rates and point options are available from these mortgage lenders. Mortgage rates and points posted are subject to change and all loans would require bank approval. Please note that some of the loan listed may be region specific. All attempts were made to obtain similar rate quotes to help compare offers but data cannot be guaranteed.
Chase Home Mortgage has a 30 year at 5.125% with 0.25 point for an APR of 5.207%. This loan is .125 points ( not interest rate ) higher than the previous week.
Bank of America offers the 30 fixed rate mortgage at 4.875% with 0.75 points and an APR of 5.001%. This mortgage loan offer is 0.25 points ( not rate ) lower than the previous week.
Citibank markets the 30 year with a mortgage rate of 5.125% and 0.125 points and a 5.317% APR. The mortgage rate and points is unchanged from the previous week.
Wells Fargo Home Loan is at 4.875% on the 30 year fixed with 1.00 point and a 5.034% APR. The Wells mortgage rate is also unaltered from the prior week.
US Bank promotes a 30 year fixed rate home loan with a mortgage rate of 5.00% and no points with an APR of 5.066%. US Bank’s mortgage rate on the 30 year is lower by .125% on the week.
All mortgage rates are believed to be accurate and were verified on the date of this publication but interest rates are not guaranteed. For current mortgage rates and loan terms contact the mortgage lenders directly.
Mortgage representative contact information by bank:
Chas Bank 800-873-6577
Bank of America 800-551-7975
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524