Category Archives: baltimore mortgage rates

Baltimore Mortgage Rates Survey – Week of April 30, 2012

Posted on May 4, 2012 by admin

According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, two Baltimore institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Baltimore area for well-qualified borrowers. Wells Fargo ( www.wellsfargo.com ) and The Columbia Bank ( www.thecolumbiabank.com ) offered rates at 3.88%. The Severn Savings Bank ( www.severnbank.com ) offered rates at 4.00%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Baltimore Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr-APR 15 Yr-Rate 15 Yr-APR 5/1 ARM-IR 5/1 ARM-APR Wells Fargo 04/30/2012 3.88% 4.05% 3.00% 3.31% 2.25% 3.07% The Columbia Bank 04/29/2012 3.88% 3.94% 3.25% 3.37%  NA  NA Severn Savings Bank 04/29/2012 4.00% 4.02% 3.38% 3.42%  NA  NA   Listed rates from banks, thrifts, and credit unions 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. Continue reading →

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Baltimore Mortgage Rates Survey – Week of April 16, 2012

Posted on April 20, 2012 by admin

According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, one Baltimore institution offered rates at 4.00% on 30-year fixed-rate conforming loans in the Baltimore area for well-qualified borrowers. Wells Fargo ( www.wellsfargo.com ) offered the lowest rates in the city with 3.88%. The Severn Savings Bank ( www.severnbank.com ) offered rates at 4.00% and the Columbia Bank ( www.thecolumbiabank.com ) offered rates at 4.13%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Baltimore Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr-APR 15 Yr-Rate 15 Yr-APR 5/1 ARM-IR 5/1 ARM-APR Wells Fargo 04/15/2012 3.88% 4.01% 3.13% 3.37% 2.25% 3.04% The Columbia Bank 04/15/2012 4.13% 4.20% 3.25% 3.37%  NA NA Severn Savings Bank 04/15/2012 4.00% 4.02% 3.38% 3.42%  NA NA   Listed rates from banks, thrifts, and credit unions 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. Continue reading →

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Baltimore Mortgage Rates Survey – Week of March 05, 2012

Posted on March 7, 2012 by admin

According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, three Baltimore institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Baltimore area for well-qualified borrowers.  Wells Fargo ( www.wellsfargo.com ) offered rates at 4.00%, the Columbia Bank (www.thecolumbiabank.com) and the Severn Savings Bank ( www.severnbank.com ) offered rates at 4.13%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Baltimore Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR Wells Fargo 03/04/2012 4.00% 4.18% 3.25% 3.57% 2.25% 3.07% The Columbia Bank 03/04/2012 4.13% 4.20% NA NA NA NA Severn Savings Bank 03/04/2012 4.13% 4.15% 3.38% 3.42% NA NA   Listed rates from banks, thrifts, and credit unions 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. Continue reading →

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Baltimore Mortgage Rates Survey – Week of February 13, 2012

Posted on February 16, 2012 by admin

According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, three Baltimore institutions offered rates at 3.875% on 30-year fixed-rate conforming loans in the Baltimore area for well-qualified borrowers.  Wells Fargo ( www.wellsfargo.com ) and The Columbia Bank (www.thecolumbiabank.com) and the Severn Savings Bank ( www.severnbank.com ) offered this rate and an Annual Percentage Rate of 4.010%, 3.944%, and 3.897% respectively. While the SunTrust bank ( www.suntrust.com ) was offering a slightly higher rate of 3.990%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.   Top Baltimore Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR   5/1 ARM-APR Wells Fargo 02/12/2012 3.875% 4.010% 3.125% 3.368% 2.250% 3.118% SunTrust Bank 02/12/2012 3.990% 4.006% 3.375% 3.403% 2.750% 2.454% The Columbia Bank 02/12/2012 3.875% 3.944% NA NA NA NA Severn Savings Bank 02/12/2012 3.875% 3.897% NA NA NA NA   Listed rates from banks, thrifts, and credit unions 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. Continue reading →

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Baltimore Mortgage Rates Survey – Week of February 6, 2012

Posted on February 9, 2012 by admin

According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, two Baltimore institutions offered rates at 3.875% on 30-year fixed-rate conforming loans in the Baltimore area for well-qualified borrowers.  Wells Fargo ( www.wellsfargo.com ) and The Columbia Bank (www.thecolumbiabank.com ) offered this rate. While the SunTrust bank ( www.suntrust.com ) was offering a slightly higher rate of 3.990%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Baltimore Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Wells Fargo 02/05/2012 3.875% 3.125% 2.125% SunTrust Bank 02/05/2012 3.990% 3.375% 2.625% The Columbia Bank 02/05/2012 3.875% NA NA   Listed rates from banks, thrifts and credit unions 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. Continue reading →

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