Top Bank Mortgage Lender Rates Drop Again September 12, 2011
And the survey says, bank mortgage rates improve again. Mortgage rates moved down across all but one mortgage product in the Findlocalmortgagerates.com weekly mortgage rate survey. 15 year mortgage rates were the one lone stand out, moving in the opposite direction with a slight rise in the average interest rates. The reduction in mortgage rates experienced over the past week prolongs an already long run of near all-time mortgage rate lows.
30 year mortgage rates dropped by ten basis points or 10/100ths of a percent this past week. The average rate on the 30 year fixed rate mortgage offered by the top ten five largest bank mortgage lenders ended the week at 4.150 percent after closing at 4.250 percent in the previous week.
15 year mortgage rates climbed just a tad higher. The average 15 year mortgage rate was up by seven basis points. The increase in seven bps put the average 15 year home loan rate at 3.400 percent.
The 20 year term mortgages displayed a drop of just three basis points however; this rate reduction has pushed the average 20 year mortgage rate below 4.00 percent. The average 20 year mortgage rate in this week’s survey came in at 3.965 percent.
FHA home loans displayed the greatest rate reduction in this week’s survey. The average rate on a 30 year FHA mortgage dropped by 12.5 basis points. The rate on these government insured loans fell from 4.125 percent last week to 4.00 percent this week.
The current mortgage rates offered by the top five bank mortgage lenders in the survey includes the following mortgage interest rates, points charged and resulting APRs as of September 9, 2011:
Chase 30 year mortgage rates were unchanged at 4.250% with 0.50 points and a 4.356% APR while the 15 year increased in cost to 3.500% with 0.375 points and a 3.664% APR.
Bank of America 30 year mortgage rates moved down to 4.000% and 1.0 point and an APR of 4.152%, the 15 year mortgage at B of A was unaltered at 3.250% and 1.25 points for a 3.587% APR.
Citibank cut their 30 year mortgage rate to 4.250% and 0.625 points for an APR of 4.366% APR but jacked up the 15 year mortgage rate to 3.625% with 0.375 points and a 3.789% APR.
Wells Fargo reduced the 30 year mortgage rate to 4.00% with 1.0 point and a 4.151% APR and held the 15 year mortgage rate at 3.250% with 1.0 point and a 3.514% APR.
US Bank mortgage rates were remained in place week over week, the 30 year mortgage rate held at 4.250% with no points and a 4.313% APR while the US Bank 15 year mortgage was stuck at 3.375% with zero points and an APR of 3.483%.
The mortgage interest rates, loan points and mortgage loan APRs in the Findlocalmortgagerates.com survey are retrieved directly from the bank mortgage lenders on or after September 9, 2011. All of the bank mortgage rates listed are subject to change at any time. All home loans are subject to the approval and underwriting standards established by each of the individual mortgage lenders.
The mortgage rates and mortgage costs in the survey are based on a mortgage loan request for a single family purchase based in California with a loan amount of $250,000.00 and a 20% down payment on or after September 9, 2011.
Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in Massachusetts, mortgage loans and mortgage rates in Missouri, mortgage loans and mortgage rates in South Carolina, mortgage loans and mortgage rates in Wisconsin and similar regional home loans and mortgage rates.