According to a recent Primerates.com survey of Dallas mortgage rates offered by the largest area banks & credit unions, the lending institutions in the Dallas Metroplex offered a range of rates in the low 4%. Wells Fargo (www.wellsfargo.com) continued to offer the best rates at 4.00% on 30-year fixed -rate conforming loans in the DFW area for well-qualified borrowers. JP Morgan Chase (www.jpmorganchase.com) offered rates of 4.13%. Comerica Bank (www.comerica.com) topped them off with a rate of 4.31%
With interest rates as low as they are, it is tempting to refinance even for those who are well into their mortgage. It could make sense if they have the dedication to apply the savings toward additional principal, but often as the mortgage gets moving it is better to simply keep going with it. At the beginning of the mortgage period most of the monthly payment goes towards interest and a small bit goes towards principal. But as the mortgage goes along, that ratio switches. When someone refinances, it will reset. They will again be making the majority of their payment toward interest. If they have the dedication to put the amount saved each month right back in, then they will come out ahead. But most people will find ways to spend the additional money each month, so they will be better off simply keeping their mortgage, even at a higher interest rate.
|
Top Dallas Area Banks and Credit Unions |
As of |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| Wells Fargo |
01/21/12 |
4.00% |
3.25% |
2.13% |
| Compass Bank |
01/21/12 |
4.00% |
3.13% |
NA |
| Capital One |
01/21/12 |
4.00% |
3.25% |
2.75% |
| JP Morgan Chase |
01/21/12 |
4.13% |
3.38% |
2.50% |
| Bank of America |
01/20/12 |
4.25% |
3.50% |
3.25% |
| Comerica Bank |
01/21/12 |
4.31% |
3.43% |
3.00% |
Listed rates from banks, thrifts and credit union 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.
According to a recent Primerates.com survey of Dallas mortgage rates offered by the largest area banks & credit unions, the lending institutions in the Dallas Metroplex offered a range of rates in the low 4%. Wells Fargo (www.wellsfargo.com) continued to offer the best rates at 4.00% on 30-year fixed -rate conforming loans in the DFW area for well-qualified borrowers. JP Morgan Chase (www.jpmorganchase.com) offered rates of 4.13%. Comerica Bank (www.comerica.com) topped them off with a rate of 4.31%
With interest rates as low as they are, it is tempting to refinance even for those who are well into their mortgage. It could make sense if they have the dedication to apply the savings toward additional principal, but often as the mortgage gets moving it is better to simply keep going with it. At the beginning of the mortgage period most of the monthly payment goes towards interest and a small bit goes towards principal. But as the mortgage goes along, that ratio switches. When someone refinances, it will reset. They will again be making the majority of their payment toward interest. If they have the dedication to put the amount saved each month right back in, then they will come out ahead. But most people will find ways to spend the additional money each month, so they will be better off simply keeping their mortgage, even at a higher interest rate.
|
Top Dallas Area Banks and Credit Unions |
As of |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| Wells Fargo |
01/21/12 |
4.00% |
3.25% |
2.13% |
| Compass Bank |
01/21/12 |
4.00% |
3.13% |
NA |
| Capital One |
01/21/12 |
4.00% |
3.25% |
2.75% |
| JP Morgan Chase |
01/21/12 |
4.13% |
3.38% |
2.50% |
| Bank of America |
01/20/12 |
4.25% |
3.50% |
3.25% |
| Comerica Bank |
01/21/12 |
4.31% |
3.43% |
3.00% |
Listed rates from banks, thrifts and credit union 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.
){kind=link}