Boston Mortgage Rates Survey – January 4-9, 2012

Written by: Scott Sery

According to a recent Primerates.com survey of Boston mortgage rates offered by the largest area banks & credit unions, three banks in the Boston area offered rates under 4%.  Danversbank (www.danversbank.com), Rockland Trust (www.rocklandtrust.com), and Sovereign Bank (www.sovereignbank.com) offered rates of 3.88%, 3.95%, and 3.99% (respectively) on 30-year fixed -rate conforming loans in the Boston metro area for well-qualified borrowers.  Bank of America (www.bankofamerica.com), Century Bank and Trust (www.centurybank.com), and RBS Citizens (www.citizensbank.com) offered the highest rates of 4.13%.

One of the biggest reasons a person may be turned down for a loan, even though their credit score looks great, is the fact that they are trying to buy too much house.  Lenders want to make sure that the borrower will not be too stretched each month, and they want to make sure they can make their monthly payments.  When the payments represent too much of their income, the lender gets nervous.  The borrower has two options at this point.  They can pay more towards a down payment on the house, lowering the amount they will need to borrow, and subsequently lowering their monthly payments.  Or they can shop for a less expensive house.  With a slow housing market, finding another house for less may be the easier option.

Top Boston Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

Danversbank

01/06/12

3.88%

3.25%

3.00%

Rockland Trust

01/06/12

3.95%

3.38%

3.00%

Sovereign Bank

01/06/12

3.99%

3.25%

NA

Eastern Bank

01/09/12

4.00%

3.38%

2.75%

TD Bank

01/09/12

4.03%

3.19%

2.63%

RBS Citizens

01/06/12

4.13%

3.38%

2.75%

Century Bank and Trust

01/06/12

4.13%

3.50%

3.00%

Bank of America

01/06/12

4.13%

3.38%

2.88%

Middlesex Savings Bank

01/04/12

NA

3.75%

NA

Boston Private Bank and Trust

01/09/12

NA

4.25%

3.63%

 

Listed rates from banks, thrifts and credit union 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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Boston Mortgage Rates Survey – January 4-9, 2012

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