Boston Mortgage Rates Survey for the Week of December 16, 2011

Written by: Scott Sery

According to a recent Primerates.com survey of Boston mortgage rates offered by the largest area banks & credit unions, only one bank in the Boston area offered rates under 4%.  Sovereign Bank (www.sovereignbank.com) came in at 3.99% on 30-year fixed -rate conforming loans in the Boston metro area for well-qualified borrowers.  Bank of America (www.bankofamerica.com), Eastern Bank (www.easternbank.com), Rockland Trust (www.rocklandtrust.com), and Danversbank (www.danversbank.com) were negligibly different all with rates of 4.00%.  Century Bank and Trust (www.centurybank.com) offered the highest rates, a mere quarter of a percentage point higher.

Often when the ideal time to buy comes, the borrower does not have enough to make a down payment of 20%.  In this case, if they obtain a single loan, they will be forced to pay Private Mortgage Insurance (PMI).  PMI protects the lender in the event that the borrower defaults on their payments.  While it is necessary to keep the PMI in place, the homeowner can pay for a new appraisal of the home when they believe the loan is at, or less than, 80% of the loan value.  If they do not want to pay for a new appraisal, the lender is required to drop the PMI when the loan to value ratio hits 78%, as long as the homeowner is current on their payments.

Top Boston Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

Sovereign Bank

12/16/11

3.99%

3.25%

NA

Bank of America

12/16/11

4.00%

3.25%

2.75%

Eastern Bank

12/18/11

4.00%

3.50%

2.99%

Rockland Trust

12/16/11

4.00%

3.38%

3.25%

Danversbank

12/16/11

4.00%

3.25%

3.00%

TD Bank

12/18/11

4.02%

3.20%

2.70%

RBS Citizens

12/16/11

4.13%

3.38%

2.75%

Century Bank and Trust

12/18/11

4.25%

3.50%

3.00%

Middlesex Savings Bank

12/16/11

NA

3.75%

NA

Boston Private Bank and Trust

12/16/11

NA

4.25%

3.63%

 

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.


LIKE US ON FACEBOOK   

Boston Mortgage Rates Survey for the Week of...

Share Tweet Pin It