Denver Mortgage Rates Survey – Week of February 13, 2012

Written by: BetterFinancePath Staff

According to a recent Primerates.com survey of Denver mortgage rates offered by the largest area banks & credit unions, two Denver institutions offered relatively low interest rates at below 3.875% and 3.750%. Wells Fargo Bank (www.wellsfargo.com ) offered rate at 3.875% and an Annual Percentage Rate of 4.014% while Compass Bank (www.bbvacompass.com) offered a rate at 3.750% and an Annual Percentage Rate of 3.931% on 30-year fixed-rate conforming loans in the Denver metro area for well-qualified borrowers. Four other Denver institutions offered rates at in the range of 4.080% to 4.500%; U.S. Bank National (www.usbank.com ) offered the highest rate at 4.500%, KeyBank National Association (www.key.com) offered rates at 4.080%, Bank of the West (www.bankofthewest.com ) offered a 4.125% rate and the UMB Bank Colorado (www.umb.com) offered rates at 4.080%.

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 Denver 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

Wells Fargo Bank

02/12/2012

3.875%

4.014%

3.125%

3.368%

2.250%

3.118%

U.S. Bank National

02/12/2012

4.500%

4.564%

3.750%

3.756%

2.845%

3.580%

Bank of the West

02/12/2012

4.125%

4.158%

3.375%

3.432%

3.000%

3.276%

KeyBank National Association

02/12/2012

4.080%

4.135%

3.440%

3.538%

2.750%

3.211%

Compass Bank

02/12/2012

3.750%

3.931%

2.875%

3.137%

2.625%

3.248%

UMB Bank Colorado

02/12/2012

4.080%

4.199%

3.350%

3.559%

2.875%

3.314%

 

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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Denver Mortgage Rates Survey – Week of February...

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