According to a recent Primerates.com survey of San Diego mortgage rates offered by the largest area banks & credit unions, four San Diego institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the San Diego area for well-qualified borrowers. U.S. Bank (www.usbank.com), California Bank & Trust (www.calbanktrust.com) and the Bank of the West (www.bankofthewest.com) offered rates at 3.88%. The Comerica Bank (www.comerica.com) offered rates at 3.96%.
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 Diego 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 |
| U.S. Bank |
5/21/2012 |
3.88% |
3.94% |
3.13% |
3.23% |
2.75% |
3.54% |
| California Bank & Trust |
5/21/2012 |
3.88% |
3.87% |
3.25% |
3.31% |
NA | NA |
| Comerica Bank |
5/21/2012 |
3.96% |
4.03% |
3.06% |
3.17% |
2.88% |
3.26% |
| Bank of the West |
5/21/2012 |
3.88% |
3.94% |
3.13% |
3.23% |
2.63% |
3.18% |
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 San Diego mortgage rates offered by the largest area banks & credit unions, four San Diego institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the San Diego area for well-qualified borrowers. U.S. Bank (www.usbank.com), California Bank & Trust (www.calbanktrust.com) and the Bank of the West (www.bankofthewest.com) offered rates at 3.88%. The Comerica Bank (www.comerica.com) offered rates at 3.96%.
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 Diego 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 |
| U.S. Bank |
5/21/2012 |
3.88% |
3.94% |
3.13% |
3.23% |
2.75% |
3.54% |
| California Bank & Trust |
5/21/2012 |
3.88% |
3.87% |
3.25% |
3.31% |
NA | NA |
| Comerica Bank |
5/21/2012 |
3.96% |
4.03% |
3.06% |
3.17% |
2.88% |
3.26% |
| Bank of the West |
5/21/2012 |
3.88% |
3.94% |
3.13% |
3.23% |
2.63% |
3.18% |
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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