According to a recent Primerates.com survey of Atlanta mortgage rates offered by the largest area banks & credit unions, only one Atlanta institution offered rates below 4.00% on 30-year fixed-rate conforming loans in the Atlanta area for well-qualified borrowers. Regions Bank (www.regions.com) offered one of the lowest rates with 3.99%. Five other institutions offered rates above 4.00% with Branch Banking and Trust (www.bbt.com) offering one of the highest rates at 4.31%.
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 |
03/23/2012 |
4.13% | 4.14% | 3.63% | 3.58% | 2.88% | 2.45% |
Wells Fargo |
03/26/2012 |
4.00% | 4.17% | 3.38% | 3.67% | 2.25% | 3.06% |
Branch Banking and Trust |
03/26/2012 |
4.31% | NA | 3.35% | NA | NA | NA |
Synovus Bank |
03/26/2012 |
4.22%
|
NA | 6.91% | NA | NA | NA |
Regions Bank |
03/26/2012 |
3.99% | NA | 3.31% | NA | 2.96% | NA |
JP Morgan Chase |
03/26/2012 |
4.13% | 4.20% | 3.38% | 3.50% | 2.75% | 3.20% |
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.