Category Archives: phoenix mortgage rates

Phoenix Mortgage Rates Survey – Week of April 30, 2012

Posted on May 3, 2012 by admin

According to a recent Primerates.com survey of Phoenix mortgage rates offered by the largest area banks & credit unions, three Phoenix institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Phoenix area for well-qualified borrowers. Wells Fargo ( www.wellsfargo.com and the Mutual of Omaha Bank ( www.mutualofomahabank.com ) offered rates at 3.88%. The U.S. Bank National Association ( www.usbank.com ) and Washington Federal ( www.washingtonfederal.com ) offered rates at 4.00% and the M&I Marshall and Ilsley Bank ( www.mibank.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 Phoenix 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 04/29/2012 3.88% 4.05% 3.00% 3.31% 2.25% 3.07% Compass Bank 04/29/2012 3.75% 3.91% 2.88% 3.16% 2.63% 3.17% M&I Marshall and Ilsley Bank 04/29/2012 4.13% 4.15% 3.38% 3.45%  NA NA U.S. Bank National Association 04/29/2012 4.00% 4.06% 3.38% 3.48% 2.63% 3.41% Washington Federal 04/29/2012 4.00% 4.10%  NA NA NA NA Mutual of Omaha Bank 04/29/2012 3.88% 3.94% 3.00% 3.11% 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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Phoenix Mortgage Rates Survey – Week of April 16, 2012

Posted on April 19, 2012 by admin

According to a recent Primerates.com survey of Phoenix mortgage rates offered by the largest area banks & credit unions, three Phoenix institutions offered rates at 4.00% on 30-year fixed-rate conforming loans in the Phoenix area for well-qualified borrowers. The Compass Bank ( www.bbvacompass.com ) offered rates at 3.75% while Wells Fargo ( www.wellsfargo.com ) and Mutual of Omaha Bank ( www.mutualofomahabank.com ) offered rates at 3.88%. The U.S. Bank National Association ( www.usbank.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 sPince 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 Phoenix 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% Compass Bank 04/15/2012 3.75% 3.90% 2.88% 3.17% 2.63% 3.17% M&I Marshall and Ilsley Bank 04/15/2012 4.00% 4.03% 3.50% 3.55%  NA  NA U.S. Bank National Association 04/15/2012 4.13% 4.19% 3.38% 3.48% 2.63% 3.41% Washington Federal 04/15/2012 4.00% 4.10%  NA  NA  NA  NA Mutual of Omaha Bank 04/15/2012 3.88% 3.94% 3.13% 3.24%  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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Phoenix Mortgage Rates Survey – Week of March 05, 2012

Posted on March 8, 2012 by admin

According to a recent Primerates.com survey of Phoenix mortgage rates offered by the largest area banks & credit unions, two Phoenix institution offered rates below 4.00% on 30-year fixed-rate conforming loans in the Phoenix area for well-qualified borrowers. The Mutual of Omaha Bank ( www.mutualofomahabank.com ) offered rates at 3.88% while the Compass Bank ( www.bbvacompass.com ) offered the lowest rates in the country with 3.75%.   Four other institutions offered rates above 4.00%. Wells Fargo ( www.wellsfargo.com ) and Washington Federal ( www.washingtonfederal.com ) offered rates at 4.00% while the U.S. Bank National Association ( www.usbank.com ) offered the highest rates in the US 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 Phoenix 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% Compass Bank 03/04/2012 3.75% 3.95% 2.88% 3.23% 2.63% 3.25% M&I Marshall and Ilsley Bank 03/04/2012 4.13% 4.17% 3.38% 3.45% NA NA U.S. Bank National Association 03/04/2012 4.25% 4.31% 3.50% 3.61% 2.88% 3.50% Washington Federal 03/04/2012 4.00% 4.10% NA NA NA NA Mutual of Omaha Bank 03/04/2012 3.88% 3.94% 3.25% 3.37% 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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Phoenix Mortgage Rates Survey – Week of February 6, 2012

Posted on February 11, 2012 by admin

According to a recent Primerates.com survey of Phoenix mortgage rates offered by the largest area banks & credit unions, two Phoenix institutions offered rates at below 4.000% on 30-year fixed -rate conforming loans in the New York metro area for well-qualified borrowers.  Wells Fargo ( www.wellsfargo.com ) offered rates at 3.875% and Compass Bank (www.bbvacompass.com ) offered the lowest rate with 3.750%.  While most banks were offering rates right around 4%, U.S. Bank National Association remained at the top with some of the highest in the nation at 4.250% 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 Phoenix 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% Compass Bank 02/05/2012 3.750% 2.750% 2.625% M&I Marshall and Ilsley Bank   02/05/2012 4.000% 3.375% NA U.S. Bank National Association   02/05/2012 4.250% 3.500% 2.875% Washington Federal   02/05/2012 4.000% 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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