According to a recent Primerates.com survey of Los Angeles mortgage rates offered by the largest area banks & credit unions, four Los Angeles institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Los Angeles area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and OneWest Bank (www.owb.com) offered the lowest rates of the city with 3.75% while JP Morgan Chase (www.chase.com) and Cathay Bank (www.cathaybank.com) offered 3.88%. Four other banks offered rates above 4.00% with Citibank (www.citibank.com) and Comerica Bank (www.comerica.com) offered one of the highest rates in the country with 4.38%.
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 Los Angeles 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 |
4.25% | 4.44% | 3.50% | 3.80% | 2.75% | 3.34% |
Wells Fargo |
02/17/2012 |
3.75% | 3.92% | 3.13% | 3.42% | 2.38% | 3.19% |
JP Morgan Chase |
02/17/2012 |
3.88% | 3.97% | 3.00% | 3.13% | 2.38% | 3.08% |
Citibank |
02/17/2012 |
4.38% | 4.58% | 3.75% | 3.98% | NA | NA |
Onewest Bank |
02/17/2012 |
3.75% | 3.95% | 3.25% | 3.41% | 2.88% | 3.35% |
U S Bank National |
02/17/2012 |
4.50% | 4.56% | 3.75% | 3.86% | 2.88% | 3.58% |
Cathay Bank |
02/17/2012 |
3.88% | 3.89% | 3.00% | 3.02% | 2.75% | 2.76% |
Comerica Bank |
02/17/2012 |
4.38% | 4.44% | 3.47% | 3.58% | 3.13% | 3.35% |
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 Los Angeles mortgage rates offered by the largest area banks & credit unions, four Los Angeles institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Los Angeles area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and OneWest Bank (www.owb.com) offered the lowest rates of the city with 3.75% while JP Morgan Chase (www.chase.com) and Cathay Bank (www.cathaybank.com) offered 3.88%. Four other banks offered rates above 4.00% with Citibank (www.citibank.com) and Comerica Bank (www.comerica.com) offered one of the highest rates in the country with 4.38%.
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 Los Angeles 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 |
4.25% | 4.44% | 3.50% | 3.80% | 2.75% | 3.34% |
Wells Fargo |
02/17/2012 |
3.75% | 3.92% | 3.13% | 3.42% | 2.38% | 3.19% |
JP Morgan Chase |
02/17/2012 |
3.88% | 3.97% | 3.00% | 3.13% | 2.38% | 3.08% |
Citibank |
02/17/2012 |
4.38% | 4.58% | 3.75% | 3.98% | NA | NA |
Onewest Bank |
02/17/2012 |
3.75% | 3.95% | 3.25% | 3.41% | 2.88% | 3.35% |
U S Bank National |
02/17/2012 |
4.50% | 4.56% | 3.75% | 3.86% | 2.88% | 3.58% |
Cathay Bank |
02/17/2012 |
3.88% | 3.89% | 3.00% | 3.02% | 2.75% | 2.76% |
Comerica Bank |
02/17/2012 |
4.38% | 4.44% | 3.47% | 3.58% | 3.13% | 3.35% |
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.