Philadelphia Mortgage Rates Survey – Week of March 12, 2012

Written by: InTheKnowFinance Staff

According to a recent Primerates.com survey of Philadelphia mortgage rates offered by the largest area banks & credit unions, two Philadelphia institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Philadelphia area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) offered rates at 3.88% and the Sovereign Bank (www.sovereignbank.com) offered rates at 3.99%. Four other institutions offered rates above 4.00% with the Citibank (www.citibank.com) offering one of the highest rates in the US 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 Philadelphia 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 03/09/2012 3.88% 4.04% 3.25% 3.54% 2.13% 3.02%
PNC Bank 03/09/2012 4.00% 3.98% 3.13% 3.15% NA NA
Citizens Bank 03/09/2012 4.13% 4.16% 3.38% 3.44% 2.75% 3.11%
Bank of America 03/09/2012 4.00% 4.13% 3.38% 3.61% 2.75% 3.20%
Sovereign Bank 03/09/2012 3.99% 4.15% 3.25% 3.53% NA NA
Citibank 03/12/2012 4.38% 4.58% 3.75% 4.02% 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.


LIKE US ON FACEBOOK   

Philadelphia Mortgage Rates Survey – Week of...

Share Tweet