According to a recent Primerates.com survey of Philadelphia mortgage rates offered by the largest area banks & credit unions, three Philadelphia institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Philadelphia area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and the Bank of America (www.bankofamerica.com) offered rates at 3.75%. Three other institutions offered rates above 4.00% with the Citibank (www.citibank.com) offering rates at 4.25%.
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 Philadelphia 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 |
Wells Fargo |
04/22/2012 |
3.75% |
3.92% |
2.88% |
3.17% |
2.25% |
3.06% |
PNC Bank |
04/20/2012 |
4.00% |
3.96% |
3.13% |
3.15% |
NA |
NA |
Citizens Bank |
04/20/2012 |
4.13% |
4.16% |
3.38% |
3.44% |
2.75% |
3.11% |
Bank of America |
04/20/2012 |
3.75% |
3.90% |
3.00% |
3.25% |
2.63% |
3.16% |
Sovereign Bank |
04/20/2012 |
3.99% |
4.15% |
3.25% |
3.53% |
NA |
NA |
Citibank |
04/20/2012 |
4.25% |
4.43% |
3.50% |
3.80% |
NA |
NA |
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 Philadelphia mortgage rates offered by the largest area banks & credit unions, three Philadelphia institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Philadelphia area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and the Bank of America (www.bankofamerica.com) offered rates at 3.75%. Three other institutions offered rates above 4.00% with the Citibank (www.citibank.com) offering rates at 4.25%.
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 Philadelphia 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 |
Wells Fargo |
04/22/2012 |
3.75% |
3.92% |
2.88% |
3.17% |
2.25% |
3.06% |
PNC Bank |
04/20/2012 |
4.00% |
3.96% |
3.13% |
3.15% |
NA |
NA |
Citizens Bank |
04/20/2012 |
4.13% |
4.16% |
3.38% |
3.44% |
2.75% |
3.11% |
Bank of America |
04/20/2012 |
3.75% |
3.90% |
3.00% |
3.25% |
2.63% |
3.16% |
Sovereign Bank |
04/20/2012 |
3.99% |
4.15% |
3.25% |
3.53% |
NA |
NA |
Citibank |
04/20/2012 |
4.25% |
4.43% |
3.50% |
3.80% |
NA |
NA |
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.