According to a recent Primerates.com survey of NYC mortgage rates offered by the largest area banks & credit unions, eight NYC institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the NYC area for well-qualified borrowers. The Citibank (www.citibank.com) offered rates at 4.50% while the Hudson City (www.hcsbonline.com) offered the highest rates in the United States with 4.75%.
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 NYC 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 |
| JP Morgan Chase |
03/26/2012 |
4.00% | 4.12% | 3.38% | 3.47% | 2.63% | 3.16% |
| Citibank |
03/26/2012 |
4.50% | 4.66% | 3.88% | 4.15% | NA | NA |
| HSBC |
03/23/2012 |
4.25% | 4.39% | 3.50% | 3.73% | 3.13% | 3.33% |
| Wells Fargo |
03/26/2012 |
4.00% | 4.17% | 3.38% | 3.67% | 2.25% | 3.06% |
| Capital One |
03/23/2012 |
4.00% | 4.08% | 3.25% | 3.38% | 2.63% | 2.71% |
| Hudson City |
03/21/2012 |
4.75% | 4.78% | 3.63% | 3.67% | 3.13% | 3.07% |
| Sovereign Bank |
03/23/2012 |
4.13% | 4.29% | 3.38% | 3.66% | NA | NA |
| PNC Bank |
03/23/2012 |
4.13% | 4.13% | 3.38% | 3.39% | NA | NA |
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 NYC mortgage rates offered by the largest area banks & credit unions, eight NYC institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the NYC area for well-qualified borrowers. The Citibank (www.citibank.com) offered rates at 4.50% while the Hudson City (www.hcsbonline.com) offered the highest rates in the United States with 4.75%.
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 NYC 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 |
| JP Morgan Chase |
03/26/2012 |
4.00% | 4.12% | 3.38% | 3.47% | 2.63% | 3.16% |
| Citibank |
03/26/2012 |
4.50% | 4.66% | 3.88% | 4.15% | NA | NA |
| HSBC |
03/23/2012 |
4.25% | 4.39% | 3.50% | 3.73% | 3.13% | 3.33% |
| Wells Fargo |
03/26/2012 |
4.00% | 4.17% | 3.38% | 3.67% | 2.25% | 3.06% |
| Capital One |
03/23/2012 |
4.00% | 4.08% | 3.25% | 3.38% | 2.63% | 2.71% |
| Hudson City |
03/21/2012 |
4.75% | 4.78% | 3.63% | 3.67% | 3.13% | 3.07% |
| Sovereign Bank |
03/23/2012 |
4.13% | 4.29% | 3.38% | 3.66% | NA | NA |
| PNC Bank |
03/23/2012 |
4.13% | 4.13% | 3.38% | 3.39% | NA | NA |
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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