According to a recent Primerates.com survey of Atlanta mortgage rates offered by the largest area banks & credit unions, most of the Atlanta area institutions still offered rates of around 4%, while overall rates increased slightly. SunTrust Bank ( www.suntrust.com ) offered the lowest rates on 30-year fixed -rate conforming loans in the Atlanta metro area for well-qualified borrowers at 3.88%. Rates were staggered with JP Morgan Chase ( www.jpmorganchase.com ) in the middle at 4.13%, and Branch Banking and Trust ( www.bbt.com ) offering the highest at 4.31%. When it comes time to refinance a mortgage it may be tempting to roll other debt into the new loan. This can make sense if certain criteria are met. For those looking to do a “cash-out” loan, that is take a loan for more than is needed to pay off the previous loan, in order to do upgrades and renovations to their home, they should be aware that they generally do not get a dollar-for-dollar return on their money. It makes better sense to do a cash-out loan when even with the added principal the loan payments will still be lower than the old loan payments. For other types of debt, such as student loans and auto loans, a person must take into consideration the rates of return, the deduction on the mortgage interest, and whether or not they want to still be paying for a car 15 to 30 years down the road. Chances are they will no longer have the car, and it is often best to keep the loans separate. Student loans are forgiven at death and generally very low interest. It almost never makes sense to roll them into a mortgage. Top Atlanta Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Sun Trust Bank 01/20/12 3.88% 3.25% 2.50% Regions Bank 01/20/12 3.99% 3.31% 2.96% Wells Fargo 01/21/12 4.00% 3.25% 2.13% JP Morgan Chase 01/21/12 4.13% 3.38% 2.50% Synovus 01/20/12 4.22% 6.91% NA Bank of America 01/20/12 4.25% 3.50% 3.13% Branch Banking and Trust 01/20/12 4.31% 3.35% NA Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
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Atlanta Mortgage Rates Survey – Week of January 20, 2012
