Los Angeles Mortgage Rates Survey – Week of February 20, 2012

Written by: BetterFinancePath Staff

According to a recent Primerates.com survey of Los Angeles mortgage rates offered by the largest area banks & credit unions, four Los Angeles institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Los Angeles area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and OneWest Bank (www.owb.com) offered the lowest rates of the city with 3.75% while JP Morgan Chase (www.chase.com) and Cathay Bank (www.cathaybank.com) offered 3.88%. Four other banks offered rates above 4.00% with Citibank (www.citibank.com) and Comerica Bank (www.comerica.com) offered one of the highest rates in the country with 4.38%.

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 Los Angeles Area Banks and Credit Unions

As of

30 Yr-Rate

30 Yr- APR

15 Yr- Rate

15 Yr- APR

5/1 ARM-IR


Bank of America


4.25% 4.44% 3.50% 3.80% 2.75% 3.34%
Wells Fargo


3.75% 3.92% 3.13% 3.42% 2.38% 3.19%
JP Morgan Chase


3.88% 3.97% 3.00% 3.13% 2.38% 3.08%


4.38% 4.58% 3.75% 3.98% NA NA
Onewest Bank


3.75% 3.95% 3.25% 3.41% 2.88% 3.35%
U S Bank National


4.50% 4.56% 3.75% 3.86% 2.88% 3.58%
Cathay Bank


3.88% 3.89% 3.00% 3.02% 2.75% 2.76%
Comerica Bank


4.38% 4.44% 3.47% 3.58% 3.13% 3.35%


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.


Los Angeles Mortgage Rates Survey – Week of...

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