According to a recent Primerates.com survey conducted on December 26, 2011 of Philadelphia area mortgage rates offered by the area banks & credit unions, rates for 30-year fixed -rate conforming loans in the Philadelphia metro area for well-qualified borrowers ranged from 3.75% at Wilmington Bank (www.wsfsbank.com) to 4.25% at Citibank (www.citibank.com). The majority of the lending institutions remain in the low 4% with just a half a percent spread between these lowest and highest offers.
Shopping for a home mortgage is not like shopping for a new computer. Finding the best deal online may prove to be one of the worst deals. Instead, those companies with a brick and mortar building are usually the way to go. There are online only establishments that advertise much lower rates, but often it comes with the cost of greater frustration, higher fees, and a lack of service. The mortgage industry is not federally regulated. This means that scam artists are much more prevalent than in the stock market and investment industries simply because it is easier for them to get by with low-ball dealings. Many of these “scam” artists perform services or acts that are perfectly legal, but they hide the facts, rush through paperwork, and perform the classic “bait and switch.” Instead, deal with a trustworthy company; if someone is offering rates, closing fees, or other services that seem too good to be true, they most likely are too good to be true. It is not worth the risk on a several hundred thousand dollar commitment.
|
Top Atlanta Area Banks and Credit Unions |
As of |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| Wilmington Bank |
12/26/11 |
3.75% |
3.13% |
2.75% |
| Wells Fargo |
12/26/11 |
3.88% |
3.25% |
2.25% |
| Sovereign Bank |
12/23/11 |
3.99% |
3.25% |
NA |
| Bank of America |
12/23/11 |
4.00% |
3.38% |
2.75% |
| TD Bank |
12/26/11 |
4.08% |
3.27% |
2.74% |
| PNC Bank |
12/26/11 |
4.13% |
3.25% |
NA |
| Citizens Banks |
12/26/11 |
4.13% |
3.38% |
2.75% |
| Beneficial Mutual |
12/26/11 |
4.13% |
3.38% |
NA |
| Citibank |
12/26/11 |
4.25% |
3.50% |
NA |
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.
