Riverside, CA Mortgage Rates Survey – Week of February 13, 2012

Written by: InTheKnowFinance Staff

According to a recent Primerates.com survey of Riverside, CA mortgage rates offered by the largest area banks & credit unions, four Riverside, CA institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Riverside area for well-qualified borrowers.  Wells Fargo (www.wellsfargo.com) and Provident Savings Bank (www.myprovident.com) offered rates at 3.875%, while the Compass Bank (www.bbvacompass.com) and Onewest Bank (www.owb.com) offered the lowest rates with 3.750%.  Two other banks offered rates of 4.125% and the U.S. Bank (www.usbank.com) offered 4.000%.

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 Sacramento 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

Bank of America

02/13/12

4.125%

4.276%

3.500%

3.729%

2.750%

3.293%

Wells Fargo

02/13/12

3.875%

4.054%

3.125%

3.438%

2.250%

3.156%

JPMorgan Chase

02/13/12

4.125%

4.219%

3.375%

3.538%

2.250%

3.044%

U.S. Bank

02/13/12

4.000%

4.200%

3.250%

3.596%

2.500%

3.528%

Provident Savings Bank

02/13/12

3.875%

3.965%

3.250%

3.336%

3.000%

3.076%

Compass Bank

02/13/12

3.750%

3.931%

2.875%

3.137%

2.625%

3.248%

Onewest Bank

02/13/12

3.750%

3.948%

3.250%

3.394%

2.875%

3.322%

 

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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Riverside, CA Mortgage Rates Survey – Week of...

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