Mortgage rates today moved lower on little economic news. The Treasury Department announced that the estimated amount of borrowing need to fund the government will be lower in the current quarter due to higher receipts and lower expenditures. Perhaps that news pushed Treasury rates lower along with mortgage rates or perhaps the change in rates was due to some other forces.

The average 30 year fixed mortgage rate from the top five bank mortgage lenders (Wells Fargo, Bank of America, Chase, Citibank, GMAC Mortgage) dipped modestly since the last survey on Monday, as did the average 15 year mortgage rates.

The average 30 year mortgage rate on Wednesday morning was 4.823 percent or approximately three basis points lower than the average rate on Monday of 4.850 percent. The average 15 year mortgage rate was down by almost the same amount with the average 15 year rate landing at 4.000 percent.

The results of the Selectcdrates.com bank mortgage rate survey for the five bank mortgage lenders for May 4, 2011 included the following mortgage loan rates, points and APRs:

The largest U.S bank, Chase mortgage offered the 30 year loan with a rate of 4.750% and 0.75 points with a 4.871% APR.
The Chase mortgage rate for a 15 year was at 3.875% with 0.375 points and an APR at 4.025%.

Bank of America markets a 30 year mortgage rate at 4.750% and 0.875 points and an APR of 4.861%.
The Bank of America 15 year mortgage rate is 3.875% with 0.875 points with an APR of 4.072%.

Citibank 30 year mortgage rate is 4.875% with no points and an APR at 4.940%.
Citibank has a 15 year mortgage rate holding at 4.125% with 0.50 points and a 4.310% APR.

Wells Fargo 30 mortgage rate remained at 4.750% with 1.00 point and a 4.908% APR and the 15 year remained at 3.875% with 1.0 point and a 4.143% APR.

The Ally Financial / GMAC Mortgage 30 year mortgage rate is at 4.990% with 0.150 points and a 5.103% APR.
The GMAC Mortgage 15 year mortgage rate was unchanged with a rate of 4.250% and 0.150 points for a 4.440% APR.

The listed bank mortgage rates are current as of May 4, 2011. Mortgage rates are obtained directly from the bank mortgage lenders in the survey. Mortgage rates 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. 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 as well as other factors.

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