According to a recent Primerates.com survey of Denver mortgage rates offered by the largest area banks & credit unions, two Denver institutions offered rates at 4.00% on 30-year fixed-rate conforming loans in the Denver area for well-qualified borrowers. The Compass Bank (www.bbvacompass.com) offered the lowest rates in the city with 3.75%, Wells Fargo Bank (www.wellsfargo.com) offered rates at 3.88% and the KeyBank National Association (www.key.com) offered 3.98%. The U.S Bank National (www.usbank.com) offered the highest rates in the city with 4.13%.
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 Denver 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 |
| Wells Fargo Bank | 04/15/2012 |
3.88% |
4.01% |
3.13% |
3.37% |
2.25% |
3.04% |
| U.S. Bank National | 04/15/2012 |
4.13% |
4.19% |
3.38% |
3.48% |
2.63% |
3.41% |
| Bank of the West | 04/15/2012 |
4.00% |
4.03% |
3.25% |
3.31% |
2.63% |
3.07% |
| KeyBank National Association | 04/15/2012 |
3.98% |
4.04% |
3.30% |
3.40% |
2.67% |
3.10% |
| Compass Bank | 04/15/2012 |
3.75% |
3.90% |
2.88% |
3.17% |
2.63% |
3.17% |
| UMB Bank Colorado | 04/15/2012 |
4.08% |
4.15% |
3.30% |
3.51% |
2.75% |
3.19% |
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.
According to a recent Primerates.com survey of Denver mortgage rates offered by the largest area banks & credit unions, two Denver institutions offered rates at 4.00% on 30-year fixed-rate conforming loans in the Denver area for well-qualified borrowers. The Compass Bank (www.bbvacompass.com) offered the lowest rates in the city with 3.75%, Wells Fargo Bank (www.wellsfargo.com) offered rates at 3.88% and the KeyBank National Association (www.key.com) offered 3.98%. The U.S Bank National (www.usbank.com) offered the highest rates in the city with 4.13%.
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 Denver 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 |
| Wells Fargo Bank | 04/15/2012 |
3.88% |
4.01% |
3.13% |
3.37% |
2.25% |
3.04% |
| U.S. Bank National | 04/15/2012 |
4.13% |
4.19% |
3.38% |
3.48% |
2.63% |
3.41% |
| Bank of the West | 04/15/2012 |
4.00% |
4.03% |
3.25% |
3.31% |
2.63% |
3.07% |
| KeyBank National Association | 04/15/2012 |
3.98% |
4.04% |
3.30% |
3.40% |
2.67% |
3.10% |
| Compass Bank | 04/15/2012 |
3.75% |
3.90% |
2.88% |
3.17% |
2.63% |
3.17% |
| UMB Bank Colorado | 04/15/2012 |
4.08% |
4.15% |
3.30% |
3.51% |
2.75% |
3.19% |
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.
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