According to a recent Primerates.com survey of Washington DC mortgage rates offered by the largest area banks & credit unions, six Washington DC institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Washington DC area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) offered rates at 3.63%, Bank of America (www.bankofamerica.com) and Branch banking & Trust (www.bbt.com) offered rates at 3.75%. PNC Bank (www.pnc.com) and Capital One (www.capitalone.com) offered rates at 3.88%. HSBC Bank (www.banking.us.hsbc.com) offered rates at 4.00% and Citibank (www.citibank.com) offered 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 Washington DC 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 |
| Capital One | 05/07/2012 | 3.88% | 3.93% | 2.88% | 3.07% | 2.50% | 2.58% |
| Wells Fargo | 05/07/2012 | 3.63% | 3.79% | 2.88% | 3.17% | 2.13% | 3.02% |
| Bank of America | 05/04/2012 | 3.75% | 3.90% | 3.00% | 3.21% | 2.75% | 3.21% |
| Suntrust Bank | 05/04/2012 | 3.99% | 4.09% | 3.38% | 3.61% | 2.88% | 3.18% |
| Branch banking & Trust | 05/04/2012 | 3.75% | 4.20% | 2.88% | 3.70% | 2.50% | 2.83% |
| PNC Bank National | 05/07/2012 | 3.88% | 3.86% | 3.00% | 3.01% | NA | NA |
| Citibank | 05/07/2012 | 4.13% | 4.30% | 3.38% | 3.68% | NA | NA |
| HSBC Bank | 05/07/2012 | 4.00% | 4.13% | 3.25% | 3.48% | 3.00% | 3.28% |
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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