An analysis of mortgage rates listed on the websites for the top ten banks in New York, as of December 1, 2011, shows an average 30-year fixed rate mortgage of 4.20 percent. During this period, Hudson City offered the highest 30-year fixed rate mortgage product – 4.625 percent. JP Morgan Chase provided the lowest interest rate – 3.875 percent.
The average 15-year rate mortgage rate was 3.45 percent. JP Morgan and Bank of America had the lowest rate of 3.25 percent. Four banks had showed the highest rate of 3.625 percent. For the 5/1 ARM product, Well Fargo had the lowest rate of 2.50 percent. Citibank, Sovereign and PNC rates were not available.
| Top New York City Metro Area Banks |
As of |
30 years |
15 years |
5/1 ARM |
| JP Morgan Chase |
12/1/11 |
3.875% |
3.250% |
2.500% |
| Bank of America |
12/1/11 |
4.000% |
3.250% |
2.625% |
| Citibank |
12/2/11 |
4.250% |
3.625% |
NA |
| HSBC |
12/1/11 |
4.375% |
3.625% |
3.125% |
| Wells Fargo |
12/2/11 |
4.000% |
3.375% |
2.250% |
| Capital One |
12/1/11 |
4.125% |
3.375% |
2.875% |
| TD Bank |
12/1/11 |
4.250% |
3.375% |
2.750% |
| Hudson City |
12/1/11 |
4.625% |
3.625% |
3.250% |
| Sovereign Bank |
12/2/11 |
4.125% |
3.375% |
NA |
| PNC Bank |
12/2/11 |
4.375% |
3.625% |
NA |
| Average |
12/2/11 |
4.200% |
3.450% |
2.768% |
What Determines Mortgage Interest Rates
For any New Yorker seeking to secure a mortgage for a condominium or home, it helps to possess some basic financial literacy concerning how mortgages work, before submitting an application with a bank, mortgage broker or other lender.
Interest rates can change from hour to hour. Most lenders quote mortgage rates on a daily basis. Some lenders also quote their mortgage rates at midday. It helps for consumers should understand the dynamics behind mortgage interest rate fluctuations.
Interest rates fluctuate according to the yield or return on the 10-year Treasury bond. Domestic and global political and economic events affect the yield on bond rates. These factors, along with investors’ demand for bonds, influence mortgage interest rates.
Do not confuse mortgage interest rates with the Annual Percentage Rate or APR. The APR consists of the actual annual costs of the loan over the term, which includes fees or additional charges related to the mortgage transaction and the mortgage interest rate.
Listed rates from banks, thrifts and credit union 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. Keep in mind that the best interest rate quotes only apply to borrowers with excellent credit scores. In addition, the lowest rate is not indicative of the “best deal” because borrowers must include other costs of the loan. Contact a specific institution for current rates.
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