Miami Area Mortgage Rates Survey – Week of December 9, 2011

According to a recent Primerates.com survey of mortgage rates offered by the largest area banks & credit unions, Miami’s largest financial institutions offered potential borrowers Miami area mortgage rates as low as 3.875%.  Two institutions offered these rates on 30-year fixed -rate conforming loans in the Miami metro area for well-qualified borrowers.  Suntrust Bank (www.suntrust.com) and Wells Fargo (www.wellsfargo.com) both came in at this level.  At the same time Branch Banking and Trust (www.bbt.com) offered mortgages at the highest rate of 4.309%.

Before committing to any loan, borrowers should understand what they can afford.  Taking into account regular living expenses, and making sure they can still save for retirement, set aside money for an emergency fund, and still have enough to pay for recreational activities all are factors in deciding the mortgage amount.  Most experts agree that having at least a year’s worth of living expenses in an emergency fund is necessary.  If the mortgage payments will not allow a person to do this, a smaller mortgage provides more flexibility to the borrower.

You can help yourself gain bargaining power, by applying to the banks that offer the lowest interest rate.

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.