Sacramento Mortgage Rates Survey – Week of May 28, 2012

Written by: BetterFinancePath Staff

According to a recent Primerates.com survey of Sacramento mortgage rates offered by the largest area banks & credit unions, six Sacramento institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Sacramento area for well-qualified borrowers. The River City Bank (www.rcbank.com) offered rates at 3.38%. Wells Fargo (www.wellsfargo.com) and the Bank of the West (www.bankofthewest.com) offered rates at 3.75% while the U.S. Bank National (www.usbank.com) offered rates at 3.95%. one other institution, namely the El Dorado (www.eldoradosavingsbank.com) offered rates above 4.00% 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 Sacramento 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 5/27/2012

3.75%

3.93%

2.88%

3.18%

2.25%

3.15%

U.S. Bank National 5/27/2012

3.95%

4.01%

3.38%

3.48%

2.63%

3.49%

JPMorgan Chase 5/27/2012

3.88%

3.93%

-99

-99

-99

-99

Bank of the West 5/27/2012

3.75%

3.81%

3.00%

3.11%

2.50%

3.13%

El Dorado 5/27/2012

4.75%

4.83%

3.38%

3.51%

NA NA
Umpqua Bank 5/27/2012

3.63%

3.77%

2.88%

3.12%

NA NA
River City Bank 5/27/2012

3.38%

3.47%

3.00%

3.16%

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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Sacramento Mortgage Rates Survey – Week of May...

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