According to a recent Primerates.com survey of Atlanta mortgage rates offered by the largest area banks & credit unions, six Atlanta institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Atlanta area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and Branch Banking and Trust (www.bbt.com) offered 3.75%. The Synovus Bank (www.synovus.com) offered rates at 4.22%.
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 Atlanta 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 |
SunTrust Bank |
04/20/2012 |
3.99% |
4.11% |
3.38% |
3.63% |
2.75% |
3.14% |
Wells Fargo |
04/22/2012 |
3.75% |
3.92% |
2.88% |
3.17% |
2.25% |
3.06% |
Bank of America |
04/20/2012 |
3.88% |
4.01% |
3.00% |
3.30% |
2.63% |
3.19% |
Branch Banking and Trust |
04/20/2012 |
3.75% |
4.23% |
3.00% |
3.80% |
2.50% |
2.82% |
Synovus Bank |
04/20/2012 |
4.22% |
NA |
6.91% |
NA |
NA |
NA |
Regions Bank |
04/20/2012 |
3.95% |
NA |
3.20% |
NA |
2.87% |
NA |
JP Morgan Chase |
04/22/2012 |
3.88% |
3.98% |
3.13% |
3.25% |
2.38% |
3.07% |
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