Baltimore Mortgage Rates Survey – Week of February 13, 2012

Written by: InTheKnowFinance Staff

According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, three Baltimore institutions offered rates at 3.875% on 30-year fixed-rate conforming loans in the Baltimore area for well-qualified borrowers.  Wells Fargo (www.wellsfargo.com) and The Columbia Bank (www.thecolumbiabank.com) and the Severn Savings Bank (www.severnbank.com ) offered this rate and an Annual Percentage Rate of 4.010%, 3.944%, and 3.897% respectively. While the SunTrust bank (www.suntrust.com) was offering a slightly higher rate of 3.990%.

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 Baltimore 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 02/12/2012 3.875% 4.010% 3.125% 3.368% 2.250% 3.118%
SunTrust Bank 02/12/2012 3.990% 4.006% 3.375% 3.403% 2.750% 2.454%
The Columbia Bank 02/12/2012 3.875% 3.944% NA NA NA NA
Severn Savings Bank 02/12/2012 3.875% 3.897% NA NA 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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Baltimore Mortgage Rates Survey – Week of...

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