According to a recent Primerates.com survey of Tampa/St. Petersburg mortgage rates offered by the largest area banks & credit unions, one Tampa/St. Petersburg institution, namely the Fifth Third Bank (www.53.com) offered rates at 3.88% on 30-year fixed-rate conforming loans in the Tampa/St. Petersburg area for well-qualified borrowers. Whitney Bank (www.hancockbank.com) offered rates at 4.00% and the TD Bank (www.tdbanknorth.com) offered rates at 4.13%.
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 Tampa/St. Petersburg 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 |
Fifth Third Bank |
03/04/2012 |
3.88% |
3.99% |
3.13% |
3.20% |
2.75% |
2.83% |
TD Bank |
03/04/2012 |
4.13% |
4.16% |
3.38% |
3.43% |
2.63% |
3.15% |
Whitney Bank |
03/04/2012 |
4.00% |
4.03% |
3.38% |
3.42% |
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.