Phoenix Mortgage Rates Survey – Week of February 6, 2012

Written by: BetterFinancePath Staff

According to a recent Primerates.com survey of Phoenix mortgage rates offered by the largest area banks & credit unions, three Phoenix institutions offered rates at below 4.000% on 30-year fixed -rate conforming loans in the Phoenix metro area for well-qualified borrowers.  Wells Fargo (www.wellsfargo.com) and Mutual of Omaha Bank (www.mutualofomahabank.com) offered rates at 3.875% while Compass Bank (www.bbvacompass.com ) offered the lowest rate with 3.750%.  While most banks were offering rates right around 4%, U.S. Bank National Association remained at the top with some of the highest in the nation at 4.500%

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 Phoenix 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

02/12/2012 3.875% 4.014% 3.125% 3.368% 2.250% 3.118%
Compass Bank 02/12/2012 3.750% 3.931% 2.875% 3.137% 2.625% 3.248%
M&I Marshall and Ilsley Bank 02/12/2012

4.000%

4.029%

3.375%

3.426%

NA

NA

U.S. Bank National Association

02/12/2012

4.500%

4.564%

3.750%

3.860%

2.875%

3.580%

Washington Federal

 

02/12/2012

4.000%

4.095%

NA

NA

NA

NA

Mutual of Omaha Bank

 

02/12/2012

3.875%

3.943%

3.125%

3.240%

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.


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Phoenix Mortgage Rates Survey – Week of...

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