According to a recent Primerates.com survey of Tampa/St. Petersburg mortgage rates offered by the largest area banks & credit unions, one Tampa/St. Petersburg institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Tampa/St. Petersburg area for well-qualified borrowers. The Fifth Third Bank (www.53.com) offered rates at 3.88% while two other institutions offered rates above 4.00% with the TD Bank (www.tdbanknorth.com) offering the highest rates in the City 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 Tampa/St. Petersburg Area Banks and Credit Unions||
30 Yr- APR
15 Yr- Rate
|15 Yr- APR||
|Fifth Third Bank||02/27/2012||3.88%||3.94%||3.13%||3.18%||-99||-99|
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.