Mortgage rates on the 30 year fixed rate home loan and 15 year fixed rate home loan moved in opposite directions for the week ending July 9, 2010.
To compare mortgage rates with the previous week, the 30 year mortgage rates offered by the top ten bank mortgage lenders surveyed in the Selectcdrates.com mortgage rate moved marginally lower while the 15 year was slightly higher.
The average 30 year fixed rate mortgage based on this week’s survey ended the week at 4.75% with 0.375 points. The rate was unchanged on the 30 year; however the average points charged to obtain the rate dropped from 0.425 points in the previous week to 0.375 points this week.
The average 15 year fixed mortgage rate from the top ten banks was 4.20% with 0.338 points. The 15 year rate is just under two basis points or 2/100’s of a percent higher compared to the previous week’s average mortgage rate on the 15 year term loan.
While mortgage rates on the 30 year were lower and the 15 year was little changed, long term Treasury rates rose last week which is usually leads to pressure on mortgage rates to move up as well. The 10 year Treasury bond rose by 11 basis points while the 5 year rose by five basis points last week which should result in mild increases later this week unless Treasury rates move lower again.
The results of the survey from the top bank mortgage lenders for the 30 year fixed rate mortgage included:
Chase mortgage rate for a 30 year mortgage is 5.00% and zero points with a 5.056% APR.
Bank of America promotes the 30 year mortgage rate at 4.75% and 1.00 point with an APR of 4.868%.
Citibank mortgage rate on the 30 year is 5.00% with .25 points and an APR of 5.180%.
Wells Fargo mortgage rate on the 30 year is 4.500% with 1.0 point and a 4.686% APR.
US Bank mortgage rate is 4.625% with zero points and an APR of 4.69%.
HSBC mortgage rate for a 30 year mortgage is 5.00% with no points and 5.14% APR.
SunTrust mortgage rate is 4.625% with 1.125 points and a 4.743% APR.
TD mortgage rate for a 30 year is 4.750% with zero points and a 4.779% APR.
Fifth Third Bank mortgage rate on the 30 year home loan is 4.500% with 0.25 points and 4.586% APR.
Key Bank mortgage rate on the 30 year loan is at 4.75% with .125 points with a 4.903% APR.
The top ten bank mortgage lenders listed offers several different mortgage rates and point options other than what is listed as well as additional rates for various mortgage loan types such as FHA home loans, adjustable rate mortgages, first time home mortgage, jumbo mortgages, refinancing existing home loans and more.
The Selectcdrates.com mortgage rate survey compares the mortgage rates offered by the largest bank mortgage lenders in the nation. All mortgage interest rates are current at the time of the survey but are subject to change. Mortgage rates are heavily dependent on the credit profile of the borrower, the down payment amount, property type and geographic location. All bank mortgage rates listed are for loan amounts of approximately $250,000.00 with 20% or greater down payment. All home loans are subject to bank lender approval.
Tags: adjustable rate mortgages, bank mortgage lenders, Chase Mortgage rate, Citibank mortgage rate, Compare Mortgage Rates, first time home mortgage, HSBC mortgage rate, jumbo mortgages, Key Bank mortgage rate, mortgage rates, refinancing, SunTrust mortgage rate, TD mortgage rate, US Bank mortgage rate, Wells Fargo mortgage rate
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