Top Five Bank Mortgage Lender Rates August 29, 2011

Mortgage rates from the top five bank mortgage lenders started the week traveling higher but made a rather significant about face and turned lower on Friday.  By the time the week came to a close, the mortgage rate for 30 year term loan, 15 year loan and 20 year mortgage loan moved lower.  Only the 30 year FHA mortgage refused to go down and closed out the week marginally higher than the previous week.

During this past week the mortgage market was unusually volatile with rate movements bouncing up and down making pricing by the bank mortgage lenders to consumers more difficult than normal.  Under these circumstances consumers would be wise to comparison shop with at least three bank mortgage lenders in a short period of time before settling on the best mortgage lender with the right combination of low mortgage rates, low costs and good service that best suits their needs. 

As mortgage rates may move quickly, don’t rely on just the advertised mortgage rates or even those posted online.  Call each mortgage lender with your specific loan scenario including the estimated loan amount, down payment and credit history to get the most current and accurate mortgage rates and terms.

Results from the weekly mortgage rate survey conducted by Findlocalmortgagerates.com indicated the average rate form the top five bank mortgage lenders for a 30 year mortgage dropped by slightly more than 12 basis points or 12/100ths of a percent.  The average 30 year mortgage rate from bank lenders in the survey moved down to 4.275 percent from 4.400 percent in the previous week.

The average 15 year mortgage rate moved lower by the same amount, 12 basis points, which drove the average 15 year mortgage rate to 3.425 percent from 3.550 percent in the prior week’s survey. 

The average 20 year mortgage rate was down by ten basis points.  The average 20 year mortgage rate in this week’s bank mortgage rate survey came in at 4.050 percent.  Last week’s average 20 year rate by comparison was 4.150 percent.

FHA mortgage rates this week moved in the opposite direction and ended the week on an up note.  The average 30 year FHA mortgage rate came in at 4.200 percent or 2.5 basis points than last week’s rate of 4.175 percent.

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 August 26, 2011:

Wells Fargo 30 year mortgage rate this week was 4.250% with 1.0 point and a 4.403% APR and the 15 year mortgage rate ended the week at 3.250% with 1.0 point and a 3.514% APR.

Bank of America mortgage rates this week held at 4.250% with 1.0 point with a 4.419% APR and the 15 year mortgage rate held at 3.375% and 0.75 points for an APR of 3.629%.

Chase mortgage rates slipped significantly with a 30 year mortgage rate coming in at 4.250% with 0.375 points and an APR of 4.419% and the 15 year mortgage rate from Chase dipped to 3.375% with 0.25 points and an APR of 3.520%.

US Bank mortgage rate were also lower on the long term loan with the US Bank 30 year mortgage rate falling to 4.250% with no points and a 4.313% APR and the 15 year mortgage rate holding at 3.500% with zero points and an APR of 3.609%.

Rounding out the top five banks, Citibank mortgage rates for a 30 year hit 4.375% and 0.375 points with a 4.471%  APR and a 15 year mortgage rate at 3.625% with 0.125 points and an APR of 3.752%.

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 August 26, 2011.  The bank mortgage rates and terms are believed to be accurate and reliable when placed on this site, but we cannot guarantee their accuracy. 

All of the bank mortgage rates listed are subject to change by the bank mortgage lenders, all home loans are subject to the approval and underwriting standards established by each of the 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 August 26, 2011. 

Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in Texas, mortgage loans and mortgage rates in Michigan, mortgage loans and mortgage rates in North Carolina, mortgage loans and mortgage rates in Washington and similar regional home loans and mortgage rates.