Denver Mortgage Rates Survey – Week of July 16, 2012

Written by: Primerates Staff

According to a recent Primerates.com survey of Denver mortgage rates offered by the largest area banks & credit unions, six Denver institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Denver area for well-qualified borrowers. Compass Bank (www.bbvacompass.com) offered rates at 3.25%. KeyBank National Association (www.key.com) offered rates at 3.59%. Wells Fargo Bank (www.wellsfargo.com) and the Bank of the West (www.bankofthewest.com) offered rates at 3.63%. The UMB Bank Colorado (www.umb.com) offered rates at 3.69% while the U.S. Bank National (www.usbank.com) 3.88%.

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 Denver 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 Bank 07/15/2012 3.63% 3.80% 2.88% 3.18% 2.25% 3.15%
U.S. Bank National 07/15/2012 3.88% 3.94% 3.13% 3.23% 2.75% 3.54%
Bank of the West 07/15/2012 3.63% 3.67% 3.00% 3.09% 2.50% 3.12%
KeyBank National Association 07/15/2012 3.59% 3.65% 2.93% 3.03% 2.46% 3.11%
Compass Bank 07/15/2012 3.25% 3.40% 2.75% 2.99% 2.38% 3.16%
UMB Bank Colorado 07/15/2012 3.69% 3.81% 2.93% 3.14% 2.56% 3.21%

 

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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Denver Mortgage Rates Survey – Week of July 16,...

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