Washington DC Mortgage Rates Survey – Week of December 9, 2011

Written by: Scott Sery

According to a recent Primerates.com survey of mortgage rates offered by the largest area banks & credit unions, most of Washington’s largest financial institutions offered potential borrowers Washington DC mortgage rates in the low 4% range.  The three institutions offering rates under 4% on 30-year fixed -rate conforming loans in the DC metro area for well-qualified borrowers were:  Suntrust Bank (www.suntrust.com) Wells Fargo (www.wellsfargo.com) and Capital One (www.capitalone.com) all coming in with rates as low as 3.875%.  At the same time Branch Banking and Trust (www.bbt.com) offered mortgage rates nearly half a percentage point higher at 4.309%.

Getting quotes from several lenders gain bargaining power and obtaining too many quotes will hurt a person’s credit score.  To come out a step ahead, the borrower should apply to just the institutions offering the best rates.  But that is only half the battle.  Once they have quotes, they can start to negotiate the fees and prices for all those extra things that go into the closing costs.  Knowing what fees and extras to expect will arm the borrower with the information they need to go into the bank and get the best possible deal.

Top Washington Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

Suntrust Bank

12/09/11

3.875%

3.125%

2.625%

Wells Fargo

12/11/11

3.875%

3.250%

2.250%

Capital One

12/09/11

3.875%

3.250%

2.750%

Bank of America

12/09/11

4.000%

3.375%

2.750%

Citibank

12/11/11

4.125%

3.375%

NA

HSBC Bank

12/09/11

4.250%

3.500%

3.00%

PNC Bank National

12/11/11

4.250%

3.375%

NA

Branch Banking and Trust

12/09/11

4.309%

3.510%

NA

 

Listed rates from banks, thrifts and credit union 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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Washington DC Mortgage Rates Survey – Week of...

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