NYC Mortgage Rates Survey – Week of June 18, 2012

Written by: Primerates Staff

According to a recent Primerates.com survey of NYC mortgage rates offered by the largest area banks & credit unions, seven 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), Bank of America (www.bankofamerica.com) and Wells Fargo (www.wellsfargo.com) offered rates at 3.50%. Suntrust Bank (www.suntrust.com) and HSBC Bank (www.banking.us.hsbc.com) and Capital One (www.capitalone.com)offered rates at 3.88%. Two other institution offered rates at and above 4.00%, with Citibank (www.citibank.com) offering rates at 4.00% and the Hudson City (www.hcsbonline.com) offering 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 06/16/2012 3.50% 3.58% 2.88% 3.00% 2.25% 3.02%
Bank of America 06/15/2012 3.50% 3.67% 2.88% 3.13% 2.50% 3.22%
Citibank 06/15/2012 4.00% 4.20% 3.50% 3.80% NA NA
HSBC 06/15/2012 3.88% 4.01% 3.13% 3.35% 3.13% 3.33%
Wells Fargo 06/16/2012 3.50% 3.66% 2.75% 3.04% 2.13% 3.10%
Capital One 06/15/2012 3.88% 3.94% 3.00% 3.16% 2.38% 2.47%
Hudson City 06/15/2012 4.50% 4.53% 3.50% 3.55% 2.63% 2.90%
Sovereign Bank 06/15/2012 3.75% 3.91% 3.13% 3.41% NA NA
PNC Bank 06/11/2012 3.63% 3.64% 2.88% 2.88% 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 June 18,...

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