Dallas Mortgage Rates Survey – Week of August 13, 2012

Written by: Primerates Staff

According to a recent Primerates.com survey of Dallas mortgage rates offered by the largest area banks & credit unions, six Dallas institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Dallas area for well-qualified borrowers. Compass Bank (www.bbvacompass.com) offered rates at 3.25%. Bank of America (www.bankofamerica.com), JP Morgan Chase (www.jpmorganchase.com) and Wells Fargo (www.wellsfargo.com) offered rates at 3.50% while Capital One (www.capitalone.com) offered rates at 3.63%. Comerica Bank (www.comerica.com) offered rates at 3.78%.

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 Dallas 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
Bank of America 08/10/2012 3.50% 3.68% 2.75% 3.04% 2.50% 3.15%
JP Morgan Chase 08/13/2012 3.50% 3.56% 2.75% 2.86% 2.38% 3.07%
Wells Fargo 08/10/2012 3.50% 3.66% 2.63% 2.91% 2.25% 3.06%
Compass Bank 08/10/2012 3.25% 3.44% 2.75% 2.99% 2.38% 3.08%
Comerica Bank 08/10/2012 3.78% 3.83% 2.95% 3.05% 2.81% 3.15%
Capital One 08/10/2012 3.63% 3.72% 2.75% 2.91% 2.50% 2.58%

 

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.


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Dallas Mortgage Rates Survey – Week of August...

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