According to a recent Primerates.com survey of San Antonio mortgage rates offered by the largest area banks & credit unions, two San Antonio institutions offered rates at 4.00% on 30-year fixed-rate conforming loans in the San Antonio area for well-qualified borrowers. The USAA Federal (www.usaa.com) and Compass Bank (www.bbvacompass.com) offered rates at 3.75%. Wells Fargo (www.wellsfargo.com) offered rates at 4.00%.
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 San Antonio 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 |
USAA Federal | 04/16/2012 |
3.75% |
3.97% |
3.00% |
3.30% |
NA | NA |
Wells Fargo | 04/15/2012 |
4.00% |
4.18% |
3.13% |
3.43% |
2.25% |
3.07% |
Compass Bank | 04/16/2012 |
3.75% |
3.91% |
2.88% |
3.16% |
2.63% |
3.17% |
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.