Mortgage Rates Today May 25, 2011

Mortgage rates today moved fractionally lower off of Monday’s figures. The midweek rate drop is extremely mild and the current low mortgage rates remain good news for borrowers who are looking to purchase a new home or refinance their existing mortgage fro more favorable terms.

30 year mortgage rates today were unchanged but the average points charged to obtain that rate decreased mildly causing the average APR to tick lower. The average 30 year mortgage rate from the top mortgage lenders in the mortgage rate survey held at 4.750 percent and the average points charged dipped to 0.630 points from 0.880 points in the previous survey. The average APR on the 30 year home loan came in at 4.877 percent, off slightly from Monday when the average APR was 4.898 percent.

15 year mortgage rates were lower by just over two basis points or 2/100’s of a percent. The 15 year rate moved down to 3.950 percent from 3.975 percent. The average points charged for the 15 year loan was also marginally lower. Today’s mortgage rate survey shows the average points charged on a 15 year loan at 0.530 points or just two points lower than Monday’s average points of 0.555. The average APR for a 15 year mortgage, based on the current survey, is now 4.150 percent.

Based on the latest Selectcdrates.com survey of mortgage rates today, mortgage rates for the 30 year term home loan and 15 year home loan from the top five bank mortgage lenders included the following mortgage interest rates, points and APRs:

Bank of America 30 year mortgage rate is at 4.750% with 1.25 points for a 4.919% APR. The 15 year mortgage rate from Bank of America is at 3.875% with 0.75 points and an APR of 4.088%.

GMAC Mortgage rate for a 30 year loan is were down on the long term and up for the short term with the 30 year mortgage of 4.750% and 0.775 points for a 4.917% APR while the GMAC 15 year rate is 4.125% and 0.400 points and a 4.352% APR.

Chase mortgage rate for the 30 year is 4.750% and 0.125 points and 4.826% APR, the 15 year mortgage rate is 3.875% with 0.125 points and an APR at 4.004%

Wells Fargo 30 mortgage rate is 4.625% with 1.00 point and a 4.7828% APR and the 15 year mortgage rate is at 3.750% with 1.0 point and a 4.017% APR.

Citibank mortgage rates came in at 4.875% with 0 points and an APR of 4.940% for a 30 year and 4.125% with 0.375 points for an APR of 4.291% for the 15 year.

The listed bank mortgage lender interest rates, points charged and loan APRs are current as of May 25, 2011. The mortgage rates and costs listed are obtained directly from the bank mortgage lenders in the survey. Mortgage rates do fluctuate daily and are subject to change at any time. The bank mortgage rates included in the survey are based on a single family home loan located in California with a 25% or greater down payment with a borrower that has excellent credit.

Please note, bank mortgage rates will vary based on the individual loan request and fluctuate frequently. Mortgage rates are highly dependent on the geographic location of the property, the down payment amount, the borrower’s credit profile, the mortgage loan amount, the loan type as well as other factors.

This entry was posted on Wednesday, May 25th, 2011 at 2:09 pm and is filed under Mortgage Rates Today. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.