Miami Mortgage Rates Survey – Week of March 19, 2012

Written by: InTheKnowFinance Staff

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions, only one Miami institution offered rates below 4.00% on 30-year fixed-rate conforming loans in the Miami area for well-qualified borrowers. Regions Bank (www.regions.com) offered the one of the lowest rates in the country with 3.99%. Seven other institutions offered rates above 4.00% with The Citibank (www.citibank.com) offering the highest rates in the United States with 4.50%.

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

03/17/2012

4.00% 4.17% 3.38% 3.67% 2.25% 3.06%
Bank of America

03/16/2012

4.13% 4.27% 3.38% 3.64% 2.75% 3.24%
Citibank

03/19/2012

4.50% 4.64% 3.88% 4.11% NA NA
Suntrust Bank

03/16/2012

4.13% 4.01% 3.63% 3.42% 2.88% 2.45%
JPMorgan Chase

03/19/2012

4.00% 4.12% 3.25% 3.39% 2.75% 3.19%
Regions Bank

03/16/2012

3.99% NA 3.31% NA 2.96% NA
HSBC Bank

03/16/2012

4.25% 4.39% 3.50% 3.73% 3.13% 3.33%
Branch Banking & Trust

03/16/2012

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 March 19,...

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