According to a recent Primerates.com survey of Boston mortgage rates offered by the largest area banks & credit unions, two Boston institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Boston area for well-qualified borrowers. Sovereign Bank (www.sovereignbank.com) and Century Bank and Trust (www.centurybank.com) offered the lowest rates of the city with 3.99%. Four other institutions offered rates higher than 4.00%.
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 Boston 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 |
02/17/2012 |
4.13% | 4.31% | 3.50% | 3.76% | 2.88% | 3.37% |
RBS Citizens |
02/17/2012 |
4.13% | 4.16% | 3.38% | 3.44% | 2.75% | 3.20% |
Sovereign Bank |
02/17/2012 |
3.99% | 4.15% | 3.25% | 3.53% | NA | NA |
Rockland Trust |
02/17/2012 |
4.13% | 4.21% | 3.38% | 3.52% | 3.25% | 3.44% |
Century Bank and Trust |
02/17/2012 |
3.99% | 4.04% | 3.25% | 3.34% | 3.00% | 2.97% |
Danversbank |
02/17/2012 |
4.00% | 4.15% | 3.25% | 3.51% | 2.88% | 3.23% |
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.
According to a recent Primerates.com survey of Boston mortgage rates offered by the largest area banks & credit unions, two Boston institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Boston area for well-qualified borrowers. Sovereign Bank (www.sovereignbank.com) and Century Bank and Trust (www.centurybank.com) offered the lowest rates of the city with 3.99%. Four other institutions offered rates higher than 4.00%.
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 Boston 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 |
02/17/2012 |
4.13% | 4.31% | 3.50% | 3.76% | 2.88% | 3.37% |
RBS Citizens |
02/17/2012 |
4.13% | 4.16% | 3.38% | 3.44% | 2.75% | 3.20% |
Sovereign Bank |
02/17/2012 |
3.99% | 4.15% | 3.25% | 3.53% | NA | NA |
Rockland Trust |
02/17/2012 |
4.13% | 4.21% | 3.38% | 3.52% | 3.25% | 3.44% |
Century Bank and Trust |
02/17/2012 |
3.99% | 4.04% | 3.25% | 3.34% | 3.00% | 2.97% |
Danversbank |
02/17/2012 |
4.00% | 4.15% | 3.25% | 3.51% | 2.88% | 3.23% |
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.