According to a recent Primerates.com survey of New York City mortgage rates offered by the largest area banks & credit unions, two NYC institutions offered rates at 3.88% on 30-year fixed -rate conforming loans in the New York metro area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and Capital One (www.capitalone.com) offered this rate. While most banks were offering rates right around 4%, Hudson City Bank remained at the top with some of the highest in the nation at 4.63%
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 New York City Area Banks and Credit Unions |
As of |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| Wells Fargo |
01/16/12 |
3.88% |
3.13% |
2.13% |
| Capital One |
01/13/12 |
3.88% |
3.25% |
2.75% |
| TD Bank |
01/16/12 |
3.90% |
3.08% |
2.57% |
| Sovereign Bank |
01/13/12 |
3.99% |
3.25% |
NA |
| JP Morgan Chase |
01/13/12 |
4.00% |
3.25% |
2.50% |
| Bank of America |
01/13/12 |
4.00% |
3.38% |
2.75% |
| Citibank |
01/16/12 |
4.00% |
3.38% |
NA |
| PNC Bank |
01/16/12 |
4.00% |
3.25% |
NA |
| HSBC Bank |
01/13/12 |
4.13% |
3.38% |
3.25% |
| Hudson City Bank |
01/16/12 |
4.63% |
3.63% |
3.25% |
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.
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