Top Five Bank Mortgage Rates March 22, 2010
Mortgage rates from the five largest banks were up marginally for the week ending March 19, 2010. The mortgage rate and point increase was so mild as to be almost imperceptible. With rates near record lows, lack of direction or movement isn’t necessarily a bad thing.
The five largest U.S. bank mortgage lenders measured in the weekly survey performed by Findlocalmortagerates.com includes: Chase Bank, Bank of America, Citibank, Wells Fargo Bank and US Bank.
Of the five bank mortgage lenders surveyed on a 30 year fixed rate mortgage, only 2 banks altered their rates for the week while the remaining 3 financial institutions kept their rates unchanged for the week.
The largest US bank, Chase Bank, increased the cost on new mortgage loan to 5.125% with 0.375 points. This mortgage rate is based on a $275,000.00 loan with a 20% or greater down payment. Last week, Chase Home Mortgage offered the same home loan at 5.125% with 0.25 points or just .125 points ( not the mortgage rate ) lower.
A $200,000.00 home loan with Citibank can be obtained with a mortgage rate of 5.125% and 0.25 points. This an increase similar to that of Chase Bank of .125 points with no change in the mortgage rate.
Bank of America offers a 30 fixed rate mortgage at 4.875% with 0.75 points and an APR of 5.001%, this rate is unchanged from the previous week.
Wells Fargo Home Loan promotes a 30 year fixed rate home loan at 4.875% with 1.00 point and a 5.065% APR. The Wells Fargo mortgage rate remained unchanged week over week.
US Bank has a 30 year fixed rate loan with a rate of 5.00% and no points with an APR of 5.066%. This rate also held steady from the prior week.
All mortgage loans, mortgage rates and points posted are subject to change and all loans would require bank approval. Additional mortgage rates and point options are available from these mortgage lenders as well as additional mortgage loan programs such as 15 year fixed rate mortgages, jumbo home loans and FHA Loans.
All information is obtained from the bank mortgage lenders and is believed to be accurate and current as of the posted date. Mortgage loans and mortgage interest rates are not guaranteed.
Current mortgage rates and loans terms can be obtained by contacting the lenders directly. Bank mortgage customer service representative can be reached at the following numbers for each institution:
Chas Bank 800-873-6577
Bank of America 800-551-7975
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524