Top Five Bank Mortgage Lender Rates Dip for September 5, 2011
Mortgage rates moved marginally lower to start the month of September. The first week of the month always includes the monthly employment report where the results can have a significant impact on mortgage rates. This past week, the employment report was surprisingly downbeat but had little impact on mortgage rates.
The jobs report showed that no new jobs were created last month, a worse than expected result. A worse than anticipated jobs report spells trouble for a struggling economy which is generally good for interest rates and mortgage rates. This week, the data pushed rates lower by a just a hair.
Short term mortgage rates fared better than longer term mortgage rates. The average 30 year mortgage rates from the top five bank mortgage lenders dropped by just under three basis points or 3/100ths of a percent. The 30 year mortgage rate in this week’s survey came in at 4.250 percent after falling in the earlier week to 4.275 percent.
The average 15 year mortgage rate was lower by ten basis points. The rate drop put the average 15 year mortgage rates at 3.325 percent after dipping to 3.425 percent in the week earlier survey.
20 year mortgage rates were cheaper by five basis points. The average 20 year mortgage rate moved down to 4.000 percent this week.
FHA mortgage rates slipped by a little over seven basis points. The 30 year FHA home loan from the top five bank mortgage lenders in the survey came down to 4.125 percent after closing at 4.200 percent in the previous rate survey.
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 2, 2011:
Wells Fargo 30 year mortgage rate dipped 0.125% to 4.125% with 1.0 point and a 4.277% APR while the Wells Fargo 15 year mortgage rate remained stable at 3.250% with 1.0 point and a 3.514% APR.
The Chase 30 year mortgage rate ended the week a bit more costly with an interest rate of 4.250% with 0.50 points and a 4.356% APR and the Chase Mortgage 15 year was a little cheaper at 3.375% with zero points and a 3.484% APR.
Bank of America mortgage rates increased on the 30 year rising to 4.250% and 1.125 points with a 4.436% APR and moved sideways for the 15 year mortgage with a rate of 3.250% and 1.25 points for a 3.587%.
US Bank mortgage rates stayed constant on the 30 at 4.250% with no points and a 4.313% APR and fell slightly on the 15 year mortgage to 3.375% with zero points and an APR of 3.483%.
Citibank mortgage rates dropped for both loan terms, the Citibank 30 mortgage rate was 4.375% and no points with a 4.438% APR and the Citi 15 year mortgage rate was 3.375% with 0.375 points and an APR of 3.538%.
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 2, 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 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 2, 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.