Tampa/St. Petersburg Mortgage Rates Survey – Week of July 16, 2012

Written by: Primerates Staff

According to a recent Primerates.com survey of Tampa/St. Petersburg mortgage rates offered by the largest area banks & credit unions, four Tampa/St. Petersburg institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Tampa/St. Petersburg area for well-qualified borrowers. JPMorgan Chase (www.jpmorganchase.com) and Whitney Bank (www.hancockbank.com) offered rates at 3.50% while TD Bank (www.tdbanknorth.com) and the Fifth Third Bank (www.53.com) offered rates at 3.75%.

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 Tampa/St. Petersburg 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
Fifth Third Bank 07/16/2012 3.75% 3.75% 2.99% 3.02% 2.38% 2.44%
TD Bank 07/16/2012 3.75% 3.78% 3.13% 3.18% 2.75% 3.18%
JPMorgan Chase 07/16/2012 3.50% 3.54%  NA  NA  NA  NA
Whitney Bank 07/16/2012 3.50% 3.53% 2.88% 2.93%  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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Tampa/St. Petersburg Mortgage Rates Survey –...

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