Boston Mortgage Rates Survey – Week of April 09, 2012

Written by: BetterFinancePath Staff

According to a recent survey of Boston mortgage rates offered by the largest area banks & credit unions, two Boston institutions offered rates at 4.00% on 30-year fixed-rate conforming loans in the Boston area for well-qualified borrowers. The Sovereign Bank ( and the Century Bank and Trust ( offered rates at 3.99%. the RBS Citizens ( offered the highest rates in the city with 4.25%.

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.

Bank As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR


RBS Citizens


4.25% 4.29% 3.50% 3.57% 2.88% 3.16%
Sovereign Bank 04/06/2012 3.99% 4.15% 3.25% 3.53% NA NA
Rockland Trust 04/06/2012 4.00% 4.08% 3.38% 3.52% 3.13% 3.32%
Century Bank and Trust 04/06/2012 3.99% 4.04% 3.38% 3.46% 3.00% 2.97%
Danversbank 04/06/2012 4.00% 4.15% 3.25% 3.51% 3.00% 3.27%


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.


Boston Mortgage Rates Survey – Week of April...

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