Top Five Mortgage Lenders 30 Year Mortgage Rates May 17, 2010
The average 30 year fixed rate mortgage from the top five bank mortgage lenders in the U.S. fell measurably for the week ending May 14, 2010 based on the recent mortgage rate survey performed by Findlocalmortgagerates.com. This is the second consecutive week of significant interest rate reductions in the mortgage market.
Mortgage rates from the top five bank mortgage lenders closed the week with an average mortgage rate of 4.850%. The average origination and discount points charged to obtain that rate rose moderately to 0.65 points. In the previous week, the average 30 year mortgage rate stood at 5.00% with 0.475 points.
The 15 year fixed rate loan was also lower for the week but by a smaller margin. The average 15 year fixed rate mortgage from the top five mortgage lenders was 4.225% with 0.625 points, down from the previous week’s average 15 year mortgage rate of 4.375% and 0.375 points.
This week’s results were once again were driven by financial market uncertainty which had pushed investment funds into safe and secure investments such as Treasury bonds and mortgage bonds. During the week of May 10th to May 14th, the ten year Treasury bond yield dipped from 3.57% to 3.44%. This was a drop of 13 basis points or 13/100 of a percent which closely matches the drop found in the 30 year mortgage rate.
The top five mortgage lenders in this week’s survey of the 30 year fixed rate mortgages continues to include the rates of Chase Mortgage, Wells Fargo Home Loans, Citibank, Bank of America and US Bank.
The mortgage rates for the 30 year mortgage and 15 year mortgage from these individual mortgage lenders and the points charged were as follows:
Chase Bank Mortgage’s 30 mortgage rate is 4.875% with 0.375 points and a 4.964% APR.
The 15 year mortgage rate from Chase Home Mortgage is at 4.25% with 0.25 points and an APR of 4.383%
Bank of America Home Loans offers the 30 year fixed rate mortgage at 4.750% with 1.5 points and a 4.920% APR.
Bank of America Home Loan’s 15 year mortgage rate is 4.125% with 1.375 point and a 4.40% APR.
Citibank has a 30 year mortgage rate of 4.875% with 0.375 points and a 5.076% APR.
Citibank’s 15 year fixed rate mortgage is at 4.250% with 0.50 points leading to a 4.629% APR.
Wells Fargo Home Loans has a 30 year fixed mortgage with a rate of 4.875% and 1.0 point for a 5.065% APR.
The 15 year fixed rate mortgage at Wells is at 4.25% with 1.0 point and a 4.573% APR.
US Bank’s 30 year fixed rate home loan comes with a mortgage rate of 4.875% and no points with a 4.941% APR.
A 15 year term mortgage at US Bank has a mortgage rate of 4.250% and no points with a 4.361% APR.
The mortgage rates, points and APRs listed are subject to change and may be different depending on the credit, income, assets and property being purchased by the borrower. The mortgage rates, points and APRs in the survey are for a home loan of between $200,000.00 and $275,000.00 on a single family owner occupied home with a minimum 20% down payment. The 30 year fixed rate and 15 year fixed rate mortgage rates listed are believed to be accurate and current as of the date of this publication. Mortgage interest rates are not guaranteed.
The bank mortgage lenders listed offer additional mortgage loan options including additional mortgage rate and point options. For more information on these mortgage rates, the bank mortgage lenders listed can be reached directly at the following numbers:
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