Dallas Mortgage Rates Survey for the Week of December 18, 2011

Written by: Scott Sery

According to a recent Primerates.com survey of Dallas mortgage rates offered by the largest area banks & credit unions, most of the institutions in the Metroplex offered rates at 4% or less.  Three of them had rates at 3.88% on 30-year fixed -rate conforming loans in the DFW area for well-qualified borrowers;  Wells Fargo (www.wellsfargo.com), Compass Bank (www.bbvacompass.com), and Capital One (www.capitalone.com) all offered this rate.  Comerica Bank (www.comerica.com) had slightly higher rates at 4.13%

When a homeowner is looking to refinance their loan, they can often save quite a bit of money over time with even a slightly lower interest rate.  There are a few guidelines to follow, and a good lender will help you know if you meet them.  Most importantly is to determine how long the payoff period is.  For example, in 2011 the average closing costs on a $200,000 loan were around $4,000.  If refinancing saved the borrower $150 per month, it would take 27 months before the savings exceeded the closing costs.  Most experts agree the ideal payoff period is less than 24 months.  Of course, one can always bargain lower closing costs if the rates do not look like they are going any lower.

Top Dallas Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

Wells Fargo

12/18/11

3.88%

3.25%

2.25%

Compass Bank

12/16/11

3.88%

3.13%

 NA

Capital One

12/16/11

3.88%

3.25%

2.75%

Bank of America

12/16/11

4.00%

3.25%

2.88%

JP Morgan Chase

12/16/11

4.00%

3.25%

2.63%

Comerica Bank

12/16/11

4.13%

3.34%

2.88%

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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Dallas Mortgage Rates Survey for the Week of...

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