Dallas Mortgage Rates Survey – Week of February 20, 2012

Written by: InTheKnowFinance Staff

According to a recent Primerates.com survey of Dallas mortgage rates offered by the largest area banks & credit unions, four Dallas institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Dallas area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and Compass Bank (www.bbvacompass.com) offered the lowest rates of the city with 3.75% while JP Morgan Chase (www.chase.com) and Capital One (www.capitalone.com) offered 3.88%. Two other institutions, Bank of America (www.bankofamerica.com) and the Comerica Bank (www.comerica.com) offered higher rates with 4.38%.

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 DallasArea 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

Bank of America

02/17/2012

4.38% 4.54% 3.50% 3.77% 3.13% 3.45%
JP Morgan Chase

02/17/2012

3.88% 3.97% 3.00% 3.13% 2.38% 3.08%
Wells Fargo

02/17/2012

3.75% 3.92% 3.13% 3.42% 2.38% 3.19%
Compass Bank

02/17/2012

3.75% 3.95% 2.75% 3.12% 2.63% 3.25%
Comerica Bank

02/17/2012

4.38% 4.44% 3.47% 3.58% 3.13% 3.32%
Capital One

02/17/2012

3.88% 3.98% 3.25% 3.29% 2.63% 2.70%

 

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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Dallas Mortgage Rates Survey – Week of February...

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