Top Five Mortgage Lenders Rates May 3, 2010
Mortgage interest rates remained in neutral for the week ending April 30th, 2010. However, the average points charged to obtain this mortgage rate by the top five bank mortgage lenders decreased slightly for the week. Average mortgage rates and points are based on the weekly survey of the largest US bank mortgage lenders performed by Findlocalmortgagerates.com.
The average rate on a 30 year fixed rate mortgage loan ended the week at 5.10%, the same rate as in the previous week’s mortgage rate survey. The average points charged to obtain that rate was 0.475 points, down juts slightly from last week’s average points charged of 0.50 points.
The top five mortgage lenders in this week’s survey of the 30 year fixed rate mortgages includes Chase Mortgage, Wells Fargo Home Loans, Citibank, Bank of America and US Bank. These bank mortgage lenders are also the five largest banks in the U.S. based on assets. The following data contains the results of the survey for these mortgage lenders for the 30 year home loan.
Chase Bank Mortgage has a 30 year fixed loan with a mortgage rate of 5.25% and 0.125 points and a 5.318% APR.
Bank of America Home Loans has the 30 year at 5.000% with 0.875 points witha 5.136% APR.
Citibank’s 30 year fixed rate mortgage is at 5.125% with 0.375 points and an APR of 5.329%.
Wells Fargo Home Loans has a 30 year fixed rate loan at 5.000% and 1.0 point for a 5.191%
US Bank’s 30 year fixed home loan at 5.125% and no points with a 5.192% APR.
The 30 year fixed rate home loan is the most popular mortgage financing option. This loan type generally gains in popularity when interest rates are low which narrows the difference in rates between adjustable rate mortgages and fixed rate loans. When rates are low, many borrowers also believe the most likely direction for mortgage rates in the future is higher and any advantage with the initial lower rate found in adjustable rate mortgages will be lost when rates increase and the adjustable rates adjust higher as well.
Many other mortgage loan options are available from these mortgage lenders including additional rate and point options for the loan types listed. The loan rates listed are for home purchase transactions, refinance rates may vary from purchase rates.
The mortgage rates, points and APRs listed are subject to change. 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. These mortgage rates are believed to be accurate and current as of the date of this publication. Mortgage interest rates are not guaranteed.
For additional information on these mortgage rates, the mortgage lenders 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