Top Bank Mortgage Rates Show Modest Decline January 16, 2012
Mortgage rates continued to show improvements albeit the improvements displayed this past week were fairly restrained. Mortgage rates showed steady gains throughout the week with just one significant blip in rates occurring during the first half of the week. As the week came to a close, mortgage rates once again approached the all time record low point but backed off ever so slightly.
Based on data in the weekly bank mortgage rate survey conducted by Findlocalmortggaerates.com, all of the most popular home loan financing options were cheaper at the end of week.
The average 30 year mortgage rate in the survey dipped lower by 6.5 basis points. One basis point is equal to 1/100th of a percent. The average interest rate offered a 30 year mortgage ended at 4.000 percent after making opening the week with a rate of 4.065 percent.
The 15 year mortgages were a little more volatile and shed 7.5 basis points off the average rate offered by the bank mortgage lenders in the survey. The average 15 year mortgage rate in this week’ survey came in at 3.300 percent compared to 3.375 percent in the previous week.
FHA mortgage rates with a 30 year term were fairly subdued over the wee. The average FHA mortgage loan was cheaper by just 2.5 basis points week over week. The average 30 year FHA mortgage rate slipped down to 3.925 percent from an average rate of 3.950 percent found in the prior week’s mortgage rate survey.
Mortgage rates offered by the top five bank mortgage lenders in the weekly survey includes the following 30 year mortgage interest rates, points charged and resulting APRs as of January 13, 2012:
Wells Fargo mortgage rates for a 30 year loan ended the week at 3.875% with 1.0 point and a 4.025% APR.
Chase mortgage rates for the 30 year mortgage has an interest rate of 4.125% with 0.125 points and a 4.198% APR.
US Bank offers a 30 year fixed rate mortgage with an interest rate of 3.875% with zero points and an APR of 3.937%.
Bank of America’s interest rate for the 30 year home loan is 4.000% with 1.125 points with an APR of 4.165% APR.
Citibank promotes a 30 year term mortgage loan at 4.125% with 0.375 points and a 4.219 % APR.
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 January 13, 2012. 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 January 13, 2012.
Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in West Virginia, mortgage loans and mortgage rates in Arkansas, mortgage loans and mortgage rates in Rhode Island, mortgage loans and mortgage rates in Connecticut and similar regional home loans and mortgage rates.