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
Jumbo Mortgage Rates April 26, 2010
Jumbo mortgage rates were a mixed bag in this week’s survey of jumbo home loan rates performed by Findlocalmortgagerates.com. The average rate on a jumbo mortgage ended the week at 5.650 percent with 0.664 points. Jumbo rates are for loan amounts exceeding $417,000.
Survey results from the individual bank mortgage lenders for jumbo loan rates included:
Chase Mortgage is offering a 30 year fixed rate jumbo loan at 6.125% with no points and an APR of 6.155%. This rate is unchanged from previous week.
Bank of America’s jumbo home loan mortgage rate is 5.500% with 1.125 point resulting in a 5.627% APR. The mortgage rate is unchanged while the points charged increased by 0.125 points.
Wells Fargo Home Mortgage 30 year fixed rate jumbo loan has a mortgage rate of 5.500% and 1.0 point with an APR of 5.643%. The Wells Home Mortgage jumbo rate is Unchanged from the prior week.
US Bank has a jumbo loan with a 30 year term that has a mortgage rate of 5.375% and 1.0 point and a 5.534% APR. This mortgage rate is lower by 0.125% from last week’s rate.
GMAC Mortgage 30 year jumbo loan has a mortgage rate of 5.750% and 0.195 points and an APR of 5.7894%. GMAC Mortgage rate is 0.125% lower than the prior weeks rate offer as well.
The listed mortgage rates are for jumbo loan amounts of approximately $500,000.00 with a 20% down payment for a single family, owner occupied home. If the down payment is less than 20%, mortgage insurance may be needed on the loan. The cost of mortgage insurance could increase the monthly payment and the APR of the loan.
Mortgage rates published are current as of this publication date. Mortgage interest rates are subject to change, and closing costs depend on state regulations and on the individual mortgage loan qualifications. Many other mortgage options with varying rate and points are available from these lenders.
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
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
Today’s FHA Mortgage Rates March 23, 2010
Since FHA loans have skyrocketed in popularity over the past 24 months reviewing the mortgage rates and costs to obtain these loans has become increasingly important for more and more existing homeowners and potential homeowners.
Findlocalmortgagerates.com performs a weekly survey of the top bank mortgage lenders to monitor and review FHA loan rates and loan programs.
The following mortgage rates are for FHA loans or government loans which are backed by the Federal Housing Administration (FHA). Current FHA mortgage rates form the largest US banks include:
Bank of America Home Loans offers a 30 year fixed rate FHA loan that has a mortgage rate of 5.00% and 0.625 points with an APR of 5.125%.
Wells Fargo Home Mortgage offers a 30 year fixed rate FHA home loan with a mortgage rate of 5.000% with 1.0 points and an APR of 5.717%.
HSBC Mortgage rate on a 30 year FHA is at 5.000% with no points and a 5.183% APR.
SunTrust Mortgage has a 30 year FHA home loans with a mortgage rate of 4.750% and 1.250 points resulting in a 5.318% APR.
US Bank 30 year fixed rate FHA loan has a rate of 5.000% with no points and a 5.531% APR.
FHA home loans offer underwriting and loan approval features that make these mortgage loans easier for first time home buyers to qualify for. FHA loans are available for first time home buyers or homebuyers who are selling a home to buy another or to refinance an existing owner occupied property. The features that make an FHA to qualify for include: low down payment requirements and flexible credit guidelines.
Mortgage Rates listed are effective as of this publication date. Loan programs, rates, terms and conditions are subject to change without notice. The accuracy of the home mortgage details for these mortgage lenders is not guaranteed.
FHA mortgage rates listed are for owner occupied single family primary residences. Home loan rates, origination and discount points and closing costs may vary based on loan features, property type and location as well as other terms and conditions. Restrictions may apply. All loans are subject to bank approval.
Contact information for the bank mortgage lenders listed:
Bank of America Home Loans 1-800-551-7975
Wells Fargo Home Mortgage 1-877-937-9357
US Bank 1-888-831-7524.
SunTrust Mortgage 1-800-634-7928
HSBC Mortgage 1-800-333-7023
Current FHA Mortgage Rates February 27, 2010
Findlocamortgagerates.com conducts a weekly survey of the top bank mortgage lenders. The results of this survey helps borrowers compare mortgage interest rates and product information from some of the largest U.S banks so consumers looking to purchase a new home or refinance can easily find the right mortgage that fits their needs.
The following list of mortgage loans and rates is a sample form the survey. These rates are for FHA loans or a mortgage that is backed by the Federal Housing Administration (FHA). FHA loans along with VA loans are generally referred to as government loans
The following list displays current interest rates for a sample of various combinations of mortgage rates and fees available on FHA loans from this week’s mortgage rate survey.
US Bank 30 year fixed rate FHA loan has a rate of 4.875% with one point and a 5.495% APR.
The same 30 year FHA loan from US Bank is available with a mortgage rate of 5.25% and no points and an APR of 5.792%.
Bank of America Home Loans offers a 30 year fixed rate FHA loan that has a mortgage rate of 4.875% and 1.375 points with an APR of 5.109%.
Wells Fargo Home Mortgage offers a 30 year fixed rate FHA home loan with a mortgage rate of 5.125% with one points and an APR of 5.85%.
HSBC Mortgage rate on a 30 year FHA is at 5.125% with no points and a 5.310% APR.
SunTrust Mortgage has a 30 year FHA home loans with a mortgage rate of 4.875% and 1 point resulting in a 5.425% APR.
The APR includes the interest rate, fees, points, certain closing costs and mortgage insurance. FHA mortgage rates, points and closing costs are subject to change without notice.
The preceding is a sample of programs and interest rates; other loans and rate options are available from the listed mortgage lenders. Rates listed are for purchases on owner-occupied single family primary residences. The accuracy of the home mortgage details is not guaranteed.
All loans are subject to bank approval. Some mortgage loan products may have geographic restrictions, other restrictions may apply and additional conditions will apply to obtain these home loans.