According to a recent Primerates.com survey of Sacramento mortgage rates offered by the largest area banks & credit unions, three Sacramento institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Sacramento area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) offered rates at 3.875%, the Umpqua Bank (www.umpquabank.com) offered 3.750% rates, and the River City Bank (www.rcbank.com ) offered the lowest rate with 3.500%. They offered an Annual Percentage Rate of 4.054%, 3.869%, and 3.605% respectively. Other five banks offered rates at about 4.000% and the El Dorado (www.eldoradosavingsbank.com) offered the highest rate with 4.750%.
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 |
| Wells Fargo | 02/13/12 | 3.875% | 4.054% | 3.125% | 3.438% | 2.250% | 3.156% |
| Bank of America | 02/13/12 | 4.125% | 4.276% | 3.500% | 3.729% | 2.750% | 3.293% |
| U.S. Bank National | 02/13/12 | 4.000% | 4.200% | 3.250% | 3.596% | 2.500% | 3.528% |
| JPMorgan Chase | 02/13/12 | 4.125% | 4.219% | 3.375% | 3.538% | 2.250% | 3.044% |
| Bank of the West | 02/13/12 | 4.125% | 4.188% | 3.375% | 3.485% | 3.000% | 3.304% |
| El Dorado | 02/13/12 | 4.750% | 4.830% | 3.625% | 3.760% | NA | NA |
| Umpqua Bank | 02/13/12 | 3.750% | 3.869% | 3.125% | 3.334% | NA | NA |
| Union Bank | 02/13/12 | NA | NA | 3.875% | 4.016% | 3.250% | 3.570% |
| River City Bank | 02/13/12 | 3.500% | 3.605% | 3.000% | 3.187% | 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 Sacramento mortgage rates offered by the largest area banks & credit unions, three Sacramento institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Sacramento area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) offered rates at 3.875%, the Umpqua Bank (www.umpquabank.com) offered 3.750% rates, and the River City Bank (www.rcbank.com ) offered the lowest rate with 3.500%. They offered an Annual Percentage Rate of 4.054%, 3.869%, and 3.605% respectively. Other five banks offered rates at about 4.000% and the El Dorado (www.eldoradosavingsbank.com) offered the highest rate with 4.750%.
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 |
| Wells Fargo | 02/13/12 | 3.875% | 4.054% | 3.125% | 3.438% | 2.250% | 3.156% |
| Bank of America | 02/13/12 | 4.125% | 4.276% | 3.500% | 3.729% | 2.750% | 3.293% |
| U.S. Bank National | 02/13/12 | 4.000% | 4.200% | 3.250% | 3.596% | 2.500% | 3.528% |
| JPMorgan Chase | 02/13/12 | 4.125% | 4.219% | 3.375% | 3.538% | 2.250% | 3.044% |
| Bank of the West | 02/13/12 | 4.125% | 4.188% | 3.375% | 3.485% | 3.000% | 3.304% |
| El Dorado | 02/13/12 | 4.750% | 4.830% | 3.625% | 3.760% | NA | NA |
| Umpqua Bank | 02/13/12 | 3.750% | 3.869% | 3.125% | 3.334% | NA | NA |
| Union Bank | 02/13/12 | NA | NA | 3.875% | 4.016% | 3.250% | 3.570% |
| River City Bank | 02/13/12 | 3.500% | 3.605% | 3.000% | 3.187% | 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.
){kind=link}