Top Mortgage Lender Rates August 1, 2011
Mortgage rates tumbled to close out the month of July. For the week ending July 29, 2011 mortgage rates drifted measurably lower across all loan terms from the short term, 10 year mortgage rates, up to the more popular 30 year mortgage rates.
Mortgage rates have been driven by changes in Treasury rates. As a result of the increasingly negative outlook on the growth of the U.S economy and troubles with government debt in Europe, interest rates in the U.S. have moved markedly lower.
Even with the looming debt crisis in U.S debt, the rest of the world has bigger problems, making U.S Treasury securities desirable products. As a result of world economic troubles, investors have bid up the price of Treasuries pushing the interest rates lower impacting mortgage rates which also moved lower.
The average 30 year fixed rate mortgage at the nation’s top five bank mortgage lenders moved lower by over 12 basis points or 12/100’s of a percent. The average 30 year mortgage rate ended the week at 4.500 percent.
The average 15 year fixed rate loan at the top five banks was lower buy an identical amount, 12 basis points. The 15 year mortgage rate closed out Friday at an average rate of 3.650 percent.
20 year mortgage rates in the weekly survey dipped by 10 basis points. The average 20 year fixed rate mortgage now stands at 4.225 percent.
The FHA mortgage rates took the biggest dip by week’s end. The average 30 year FHA home loan was down by 15 basis points which left the average FHA mortgage rate at 4.325 percent.
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 July 29, 2011:
Wells Fargo 30 mortgage rate dropped to 4.500% with 1.0 point and a 4.722% APR and the Wells Fargo 15 year mortgage rate moved down to 3.625% % with 1.0 point and an APR of 3.891%.
Chase mortgage rates on a 30 year slipped to 4.500% with 0.375 points and a 4.596% APR and the Chase 15 year mortgage rate closed out at 3.500% with 0.250 points and a 3.646% APR.
US Bank mortgage rates followed the big boys with a US Bank 30 year mortgage rate now at 4.500% with no points and an APR of 4.564% and a 15 year mortgage rate at 3.750% with zero points and an APR of 3.860%.
Citibank reduced the 30 year mortgage to 4.625% with 0.375 points for an APR of 4.722% and dropped the 15 year mortgage rate to 3.875% with zero points for a 3.985% APR.
Bank of America 30 year mortgage rates were decreased to 4.375% with 1.125 points and a 4.559% APR and the Bank of America 15 year rate was decreased to 3.500% and 1.125 points and an APR of 3.816%.
The mortgage interest rates, loan points and mortgage loan APRs in the survey are retrieved directly from the bank mortgage lenders on July 29, 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 by the bank mortgage lenders, all home loans are subject to the approval and underwriting standards established by each of the 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 July 29, 2011.
Additional mortgage interest rates and home loan products are available from the listed bank mortgage lenders including mortgage rates in Minnesota, mortgage loans and mortgage rates in New Jersey, mortgage loans and mortgage rates in South Dakota, mortgage loans and mortgage rates in Rhode Island and similar regional home loans and mortgage rates.