Atlanta Mortgage Rates Survey – Week of May 07, 2012

Written by: BetterFinancePath Staff

According to a recent 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 ( offered rates at 3.63%, the Branch Banking and Trust ( offered rates at 3.75%, the Bank of America ( and JP Morgan Chase ( offered rates at 3.88%. One bank, namely the Synovus Bank ( offered rates above 4.00% with 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 05/04/2012 3.99% 4.09% 3.38% 3.61% 2.88% 3.18%
Wells Fargo 05/07/2012 3.63% 3.79% 2.88% 3.17% 2.13% 3.02%
Bank of America 05/04/2012 3.88% 3.99% 2.88% 3.15% 2.63% 3.17%
Branch Banking and Trust 05/04/2012 3.75% 4.19% 2.88% 3.69% 2.50% 2.82%
Synovus Bank 05/04/2012 4.22% NA 6.91% NA NA NA
Regions Bank 05/04/2012 3.91% NA 3.14% NA 2.84% NA
JP Morgan Chase 05/07/2012 3.88% 3.94% 3.00% 3.14% 2.50% 3.09%


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.


Atlanta Mortgage Rates Survey – Week of May 07,...

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