Miami Mortgage Rates Survey – Week of February 20, 2012

Written by: InTheKnowFinance Staff

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions, four Miami institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Miami area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) offered the lowest rates with 3.75%, JP Morgan Chase (www.chase.com) offered 3.88% while SunTrust bank (www.suntrust.com) and Regions Bank (www.regions.com) and offered 3.99%. Three other institutions offered rates at around 4.25% with the Bank of America (www.bankofamerica.com) offered one of the highest rates on the market with 4.38%. Four other Miami institutions offered rates higher than 4.00% with Citibank offering one of the highest 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 Miami 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

02/17/2012

3.75% 3.92% 3.13% 3.42% 2.38% 3.19%
Bank of America

02/17/2012

4.25% 4.42% 3.50% 3.79% 2.75% 3.33%
Citibank

02/17/2012

4.38% 4.58% 3.75% 3.98% NA NA
Suntrust Bank

02/17/2012

3.99% 4.01% 3.38% 3.42% 2.75% 2.45%
JPMorgan Chase

02/17/2012

3.88% 3.98% 3.13% 3.25% 2.50% 3.10%
Regions Bank

02/17/2012

3.99% NA 3.31% NA 2.96% NA
HSBC Bank

02/17/2012

4.00% 4.13% 3.38% 3.60% 3.13% 3.41%
Branch Banking & Trust

02/17/2012

4.31% NA 3.35% 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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Miami Mortgage Rates Survey – Week of February...

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