Top Five Bank Mortgage Rates August 30th, 2010
Bank mortgage rates moved decidedly lower for the week ending August 27, 2010. Based on the survey of the top five bank mortgage lenders surveyed by Findlocalmortgagerates.com, the average 30 year fixed rate home loan moved down to 4.65% while the average 15 year fixed rate home loan dropped to 4.15%.
The average points charged by the largest banks surveyed to obtain these rates was unchanged for the 30 year term mortgages at 0.425 points and was lower for the 15 year, falling to 0.375 points.
While both the 30 year mortgage and 15 year mortgage rate are down for the week, they are off of their lows reached during the week. The current 30 year fixed rate mortgage inched up slightly on August 27 when bond prices made a dramatic retreat and interest rates rose.
The results from the top five bank mortgage lenders in this week’s mortgage rate survey included the following 15 year and 30 year mortgage rates:
Wells Fargo mortgage rates included a 30 year loan at 4.25% with 1.0 point and a 4.403% APR while the 15 year loan is at 3.75% rate with 1.0 point and a 4.017% APR.
Chase Mortgage rates came in at 4.75% with 0.25 points and a 4.827% APR on the 30 year term home loan and 4.50% with no points for a 4.596% APR on a 15 year term.
Bank of America mortgage rates showed the 30 year at 4.875% with 0.75 points for a 5.005% APR and the 15 year at 4.25% with 0.875 points for a 4.491% APR.
Citibank mortgage rates were 4.875% with 0.125 points and an APR of 5.031% for the 30 year rate and 4.375% with zero points and a 4.603% APR on the 15 year mortgage loan.
US Bank mortgage rates for the 30 and 15 came in at 4.50% with no points and a 4.564% APR and 3.875% with no points and a 3.985% APR, respectively.
The bank mortgage rates, points and APRs listed in the Findlocalmortgagerates.com rate survey may vary depending on the credit, income, assets, geographic location and property of a particular loan.
The Findlocalmortgagerates.com rate survey is current as of August 27, 2010, however all mortgage rates are subject to change.
The mortgage rates surveyed are based on California properties with a loan amount of $250,000.00 and a 20% down payment.
Findlocalmortgagerates.com publishes the bank mortgage rate survey to allow potential home loan borrowers the ability to quickly and easily research mortgage interest rates from multiple bank mortgage lenders throughout the country.
More information on the mortgage loans and mortgage rates listed can be obtained by contacting the bank mortgage lenders directly:
Chase Bank 800-873-6577
Bank of America 888-233-4124
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524