Mortgage rates from the big three bank mortgage lenders improved moderately over the past two days to bring current mortgage rates within striking distance of new all-time lows.  Mortgage interest rates displayed a significant rate reduction right out of the gate on Monday and have held those rate changes for the next two days bringing us to the eve of the July 4th holiday.

The big three mortgage lenders include Wells Fargo, Chase and Bank of America.  Based on an impromptu survey performed by that covers the current mortgage rates from these three bank mortgage lenders on July 3rd, the following interest rate information was obtained:

The current Wells Fargo 30 year mortgage rate for a $250,000.00 home loan purchase in Illinois has an interest rate of 3.625 percent with one point and a 3.773 percent APR.

The interest rate offered by Wells Fargo Mortgage for a 30 year fixed rate refinance in Illinois is 3.875 percent and one point for an APR of 4.025 percent.

Chase Mortgage rate offer the 30 year term loan for a purchase in Illinois at 3.500 percent with 0.500 points and a 3.591 percent APR.

The Chase Mortgage rate on a 30 year refinance is 3.875 percent and 0.375 points with an APR of 3.953 percent.

For Bank of America, the mortgage rates for a purchase loan with a 30 year term is 3.500 percent and 1.250 points and a 3.683 percent APR.

The Bank of America mortgage rate for a 30 year refinance in Illinois is 4.000 percent and 0.875 points and a 4.127 percent APR.

The average interest rate offered by these three lenders now stands at 3.542 percent with 0.917 points and an APR at 3.682 percent.   In the prior weekly survey which was concluded on June 29, 2012 the average interest rate on the 30 year mortgage available from these three lenders was 3.708 percent with 0.708 points with a  resulting APR of 3.837 percent. 

The change from Friday June 29 to the close of business on Tuesday is interest rate reduction of almost 30 basis points or .30 percent.

These mortgage rates are just a sample of the mortgage loan programs available from the listed lenders.  Additional programs may be available.  All home loan rates are based on loan amounts of $250,000.00 for a single family home in Illinois with a minimum 20 percent down payment and assume the borrower meets the credit and income criteria established by the individual mortgage lenders.

The mortgage interest rates are for illustrative purposes only and may vary based on borrower’s credit score, the loan closing costs and other variables regarding an individual loan request.

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