According to a recent Primerates.com survey of Atlanta mortgage rates offered by the largest area banks & credit unions, six Atlanta institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Atlanta area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) offered rates at 3.63%, the Branch Banking and Trust (www.bbt.com) offered rates at 3.75%, the Bank of America (www.bankofamerica.com) and JP Morgan Chase (www.chase.com) offered rates at 3.88%. One bank, namely the Synovus Bank (www.synovus.com) offered rates above 4.00% with 4.22%.
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 Atlanta 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 |
| SunTrust Bank | 05/04/2012 | 3.99% | 4.09% | 3.38% | 3.61% | 2.88% | 3.18% |
| Wells Fargo | 05/07/2012 | 3.63% | 3.79% | 2.88% | 3.17% | 2.13% | 3.02% |
| Bank of America | 05/04/2012 | 3.88% | 3.99% | 2.88% | 3.15% | 2.63% | 3.17% |
| Branch Banking and Trust | 05/04/2012 | 3.75% | 4.19% | 2.88% | 3.69% | 2.50% | 2.82% |
| Synovus Bank | 05/04/2012 | 4.22% | NA | 6.91% | NA | NA | NA |
| Regions Bank | 05/04/2012 | 3.91% | NA | 3.14% | NA | 2.84% | NA |
| JP Morgan Chase | 05/07/2012 | 3.88% | 3.94% | 3.00% | 3.14% | 2.50% | 3.09% |
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.
){kind=link}