According to a recent Primerates.com survey of Riverside, CA mortgage rates offered by the largest area banks & credit unions, four Riverside, CA institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Riverside area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and Provident Savings Bank (www.myprovident.com) offered rates at 3.875%, while the Compass Bank (www.bbvacompass.com) and Onewest Bank (www.owb.com) offered the lowest rates with 3.750%. Two other banks offered rates of 4.125% and the U.S. Bank (www.usbank.com) offered 4.000%.
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 Sacramento 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 |
Bank of America |
02/13/12 |
4.125% |
4.276% |
3.500% |
3.729% |
2.750% |
3.293% |
Wells Fargo |
02/13/12 |
3.875% |
4.054% |
3.125% |
3.438% |
2.250% |
3.156% |
JPMorgan Chase |
02/13/12 |
4.125% |
4.219% |
3.375% |
3.538% |
2.250% |
3.044% |
U.S. Bank |
02/13/12 |
4.000% |
4.200% |
3.250% |
3.596% |
2.500% |
3.528% |
Provident Savings Bank |
02/13/12 |
3.875% |
3.965% |
3.250% |
3.336% |
3.000% |
3.076% |
Compass Bank |
02/13/12 |
3.750% |
3.931% |
2.875% |
3.137% |
2.625% |
3.248% |
Onewest Bank |
02/13/12 |
3.750% |
3.948% |
3.250% |
3.394% |
2.875% |
3.322% |
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.