Washington DC Mortgage Rates Survey – Week of May 07, 2012

Written by: InTheKnowFinance Staff

According to a recent Primerates.com survey of Washington DC mortgage rates offered by the largest area banks & credit unions, six Washington DC  institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Washington DC  area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) offered rates at 3.63%, Bank of America (www.bankofamerica.com) and Branch banking & Trust (www.bbt.com) offered rates at 3.75%. PNC Bank (www.pnc.com) and Capital One (www.capitalone.com) offered rates at 3.88%. HSBC Bank (www.banking.us.hsbc.com) offered rates at 4.00% and Citibank (www.citibank.com) offered 4.13%.

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 Washington DC  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
Capital One 05/07/2012 3.88% 3.93% 2.88% 3.07% 2.50% 2.58%
Wells Fargo 05/07/2012 3.63% 3.79% 2.88% 3.17% 2.13% 3.02%
Bank of America 05/04/2012 3.75% 3.90% 3.00% 3.21% 2.75% 3.21%
Suntrust Bank 05/04/2012 3.99% 4.09% 3.38% 3.61% 2.88% 3.18%
Branch banking & Trust 05/04/2012 3.75% 4.20% 2.88% 3.70% 2.50% 2.83%
PNC Bank National 05/07/2012 3.88% 3.86% 3.00% 3.01% NA NA
Citibank 05/07/2012 4.13% 4.30% 3.38% 3.68% NA NA
HSBC Bank 05/07/2012 4.00% 4.13% 3.25% 3.48% 3.00% 3.28%

 

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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Washington DC Mortgage Rates Survey – Week of...

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