According to a recent Primerates.com survey of Los Angeles mortgage rates offered by the largest area banks & credit unions, eight Los Angeles institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Los Angeles area for well-qualified borrowers. Onewest Bank (www.owb.com) offered rates at 3.25%. Bank of America (www.bankofamerica.com), Wells Fargo (www.wellsfargo.com), JP Morgan Chase (www.jpmorganchase.com) and Cathay Bank (www.cathaybank.com) offered rates at 3.50%. U S Bank National (www.usbank.com) offered rates at 3.88%.
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 | 5/1 ARM-APR |
| Bank of America | 07/20/2012 | 3.50% | 3.68% | 2.88% | 3.18% | 2.25% | 3.17% |
| Wells Fargo | 07/22/2012 | 3.50% | 3.66% | 2.50% | 2.79% | 2.25% | 3.15% |
| JP Morgan Chase | 07/23/2012 | 3.50% | 3.55% | 2.75% | 2.91% | 2.38% | 3.07% |
| Citibank | 07/23/2012 | 3.75% | 3.85% | 3.13% | 3.29% | NA | NA |
| Onewest Bank | 07/23/2012 | 3.25% | 3.45% | 2.75% | 2.86% | 2.88% | 3.20% |
| U S Bank National | 07/20/2012 | 3.88% | 3.94% | 3.13% | 3.23% | 2.75% | 3.54% |
| Cathay Bank | 07/20/2012 | 3.50% | 3.51% | 2.50% | 2.52% | 2.63% | 2.64% |
| Comerica Bank | 07/22/2012 | 3.71% | 3.77% | 2.88% | 2.98% | 2.69% | 3.20% |
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 Los Angeles mortgage rates offered by the largest area banks & credit unions, eight Los Angeles institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Los Angeles area for well-qualified borrowers. Onewest Bank (www.owb.com) offered rates at 3.25%. Bank of America (www.bankofamerica.com), Wells Fargo (www.wellsfargo.com), JP Morgan Chase (www.jpmorganchase.com) and Cathay Bank (www.cathaybank.com) offered rates at 3.50%. U S Bank National (www.usbank.com) offered rates at 3.88%.
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 | 5/1 ARM-APR |
| Bank of America | 07/20/2012 | 3.50% | 3.68% | 2.88% | 3.18% | 2.25% | 3.17% |
| Wells Fargo | 07/22/2012 | 3.50% | 3.66% | 2.50% | 2.79% | 2.25% | 3.15% |
| JP Morgan Chase | 07/23/2012 | 3.50% | 3.55% | 2.75% | 2.91% | 2.38% | 3.07% |
| Citibank | 07/23/2012 | 3.75% | 3.85% | 3.13% | 3.29% | NA | NA |
| Onewest Bank | 07/23/2012 | 3.25% | 3.45% | 2.75% | 2.86% | 2.88% | 3.20% |
| U S Bank National | 07/20/2012 | 3.88% | 3.94% | 3.13% | 3.23% | 2.75% | 3.54% |
| Cathay Bank | 07/20/2012 | 3.50% | 3.51% | 2.50% | 2.52% | 2.63% | 2.64% |
| Comerica Bank | 07/22/2012 | 3.71% | 3.77% | 2.88% | 2.98% | 2.69% | 3.20% |
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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