According to a recent Primerates.com survey of San Diego mortgage rates offered by the largest area banks & credit unions, five San Diego institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the San Diego area for well-qualified borrowers. JPMorgan Chase (www.jpmorganchase.com), California Bank & Trust (www.calbanktrust.com) and the Bank of the West (www.bankofthewest.com) offered rates at 3.88%. The U.S Bank (www.usbank.com) offered rates at 3.95% and 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 |
JPMorgan Chase | 5/29/2012 | 3.88% | 3.93% | -99 | -99 | -99 | -99 |
U.S. Bank | 5/29/2012 | 3.95% | 4.01% | 3.38% | 3.48% | 2.63% | 3.49% |
California Bank & Trust | 5/29/2012 | 3.88% | 3.88% | 3.13% | 3.17% | NA | NA |
Comerica Bank | 5/29/2012 | 3.96% | 4.03% | 3.06% | 3.18% | 2.75% | 3.22% |
Bank of the West | 5/29/2012 | 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, five San Diego institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the San Diego area for well-qualified borrowers. JPMorgan Chase (www.jpmorganchase.com), California Bank & Trust (www.calbanktrust.com) and the Bank of the West (www.bankofthewest.com) offered rates at 3.88%. The U.S Bank (www.usbank.com) offered rates at 3.95% and 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 |
JPMorgan Chase | 5/29/2012 | 3.88% | 3.93% | -99 | -99 | -99 | -99 |
U.S. Bank | 5/29/2012 | 3.95% | 4.01% | 3.38% | 3.48% | 2.63% | 3.49% |
California Bank & Trust | 5/29/2012 | 3.88% | 3.88% | 3.13% | 3.17% | NA | NA |
Comerica Bank | 5/29/2012 | 3.96% | 4.03% | 3.06% | 3.18% | 2.75% | 3.22% |
Bank of the West | 5/29/2012 | 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.