Category Archives: detroit mortgage rates

Detroit Mortgage Rates Survey – Week of April 16, 2012

Posted on April 18, 2012 by admin

According to a recent Primerates.com survey of Detroit mortgage rates offered by the largest area banks & credit unions, one Detroit institution offered rates at 4.00% on 30-year fixed-rate conforming loans in the Detroit area for well-qualified borrowers. The Citizens Bank ( www.citizensbanking.com ) offered rates at 3.98%. RBS Citizens ( www.citizensbank.com ) and First State Bank of East Detroit ( www.thefsb.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 Detroit 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 Comerica Bank 04/15/2012 4.08% 4.14% 3.30% 3.40% 2.88% 3.17% RBS Citizens 04/15/2012 4.13% 4.16% 3.38% 3.44% 2.88% 3.16% Citizens Bank 04/15/2012 3.98% 4.08% 3.25% 3.43% 2.75% 3.17% First State Bank of East Detroit 04/15/2012 4.13% 4.15% 3.50% 3.55%  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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Detroit Mortgage Rates Survey – Week of March 05, 2012

Posted on March 7, 2012 by admin

According to a recent Primerates.com survey of Detroit mortgage rates offered by the largest area banks & credit unions, four Detroit institution offered rates above 4.00% on 30-year fixed-rate conforming loans in the Detroit area for well-qualified borrowers. The First State Bank of East Detroit ( www.thefsb.com ) offered rates at 4.00%, the Citizens Bank ( www.citizensbanking.com ) offered rates at 4.09%, RBS Citizens ( www.citizensbank.com ) offered rates at 4.13% while the Comerica Bank ( www.comerica.com ) offered the highest rates in the country with 4.25%. 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 Detroit 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 Comerica Bank 03/04/2012 4.25% 4.30% 3.44% 3.53% 3.13% 3.25% RBS Citizens 03/04/2012 4.13% 4.16% NA 2.75% 3.11% NA Citizens Bank 03/04/2012 4.09% 4.18% 3.33% 3.49% 2.94% 3.23% First State Bank of East Detroit 03/04/2012 4.00% 4.03% 3.38% 3.43% 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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Detroit Mortgage Rates Survey – Week of February 13, 2012

Posted on February 16, 2012 by admin

According to a recent Primerates.com survey of Detroit Mortgage rates offered by the largest area banks & credit unions, four Detroit institutions offered rates at about 4.000% on 30-year fixed -rate conforming loans in the Detroit metro area for well-qualified borrowers.  Comerica Bank (www.comerica.com ) offered the highest rates with 4.250% and an Annual Percentage Rate of 4.304%, Citizens Bank ( www.citizensbanking.com ) offered rates at 4.040% and an Annual Percentage Rate of 4.137%. RBS Citizens ( www.citizensbank.com ) and the First State Bank of East Detroit ( www.thefsb.com  ) offered rates at 4.000% and an Annual Percentage Rate of 4.038% and an Annual Percentage Rate of 4.038% and 4.014% respectively Bank As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR  5/1 ARM-APR Comerica Bank 02/12/2012 4.250% 4.304% 3.440% 3.535% 3.060% 3.317% RBS Citizens 02/12/2012 4.000% 4.038% NA 2.625% 3.152% NA Citizens Bank 02/12/2012 4.040% 4.137% 3.330% 3.501% 2.875% 3.294% First State Bank of East Detroit 02/12/2012 4.000% 4.014% 3.375% 3.426% NA NA   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. 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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Detroit Mortgage Rates Survey – Week of February 6, 2012

Posted on February 10, 2012 by admin

According to a recent Primerates.com survey of Detroit mortgage rates offered by the largest area banks & credit unions, two Detroit institutions offered rates at about 4.000% on 30-year fixed -rate conforming loans in the Detroit metro area for well-qualified borrowers.  Comerica Bank ( www.comerica.com ) offered the highest rate with 4.250% while the RBS Citizens ( www.citizensbank.com ) offered rates at 4.000%. 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 Detroit Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Comerica Bank 02/05/2012 4.250% 3.375% 2.875% RBS Citizens 02/05/2012 4.000% NA 2.750%   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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