NYC Mortgage Rates Survey – Week of April 23, 2012

Written by: InTheKnowFinance Staff

According to a recent Primerates.com survey of NYC mortgage rates offered by the largest area banks & credit unions, five NYC institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the NYC area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and the Bank of America (www.bankofamerica.com) offered rates at 3.75%. Four other institutions offered rates above 4.00% with the Hudson City (www.hcsbonline.com) offering rates at 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 NYC 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
JP Morgan Chase 04/22/2012 3.88% 3.96% 3.00% 3.16% 2.38% 3.05%
Bank of America 04/20/2012 3.75% 3.95% 3.00% 3.32% 2.63% 3.19%
Citibank 04/20/2012 4.25% 4.43% 3.50% 3.80% NA NA
HSBC 04/20/2012 4.00% 4.13% 3.25% 3.48% 3.13% 3.33%
Wells Fargo 04/22/2012 3.75% 3.92% 2.88% 3.17% 2.25% 3.06%
Capital One 04/23/2012 3.88% 3.95% 3.00% 3.14% 2.50% 2.58%
Hudson City 04/20/2012 4.50% 4.53% 3.50% 3.55% 3.13% 3.07%
Sovereign Bank 04/20/2012 3.99% 4.15% 3.25% 3.53% NA NA
PNC Bank 04/20/2012 4.00% 3.96% 3.13% 3.15% 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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NYC Mortgage Rates Survey – Week of April 23,...

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