New York City Mortgage Rates Survey – Week of January 16, 2012

Written by: Scott Sery

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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New York City Mortgage Rates Survey – Week of...

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