NYC Mortgage Rates Survey – Week of July 23, 2012

Written by: Primerates Staff

According to a recent Primerates.com survey of NYC mortgage rates offered by the largest area banks & credit unions, eight NYC institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the NYC area for well-qualified borrowers. JPMorgan Chase (www.jpmorganchase.com) offered rates at 3.38%. Bank of America (www.bankofamerica.com), Wells Fargo (www.wellsfargo.com) and Capital One (www.capitalone.com) offered rates at 3.50%. Citibank (www.citibank.com) and HSBC Bank (www.banking.us.hsbc.com) rates at 3.75%. One other institution offered rates above 4.00%, namely the Hudson City (www.hcsbonline.com) with rates at 4.50%.

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 NYC 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
JP Morgan Chase 07/23/2012 3.38% 3.49% 2.75% 2.89% 2.38% 3.06%
Bank of America 07/20/2012 3.50% 3.65% 2.75% 3.09% 2.25% 3.17%
Citibank 07/20/2012 3.75% 3.85% 3.13% 3.29% NA NA
HSBC 07/20/2012 3.75% 3.88% 3.13% 3.35% 3.13% 3.41%
Wells Fargo 07/23/2012 3.50% 3.66% 2.50% 2.79% 2.25% 3.15%
Capital One 07/20/2012 3.50% 3.58% 2.75% 2.87% 2.38% 2.42%
Hudson City 07/20/2012 4.50% 4.53% 3.50% 3.55% 2.63% 2.90%
Sovereign Bank 07/20/2012 3.63% 3.78% 2.99% 3.27% NA NA
PNC Bank 07/20/2012 3.63% 3.60% 2.88% 2.81% 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.


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NYC Mortgage Rates Survey – Week of July 23,...

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