San Diego Mortgage Rates Survey – Week of September 03, 2012

Written by: BetterFinancePath Staff

According to a recent survey of San Diego mortgage rates offered by the largest area banks & credit unions, six 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 ( and Bank of the West ( offered rates at 3.50%. The California Bank & Trust ( offered rates at 3.63%, Citibank ( offered rates at 3.75%, the Comerica Bank ( offered rates at 3.79% and The U.S Bank ( offered rates at 3.88%.

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 09/03/2012 3.50% 3.55% NA NA NA NA
U.S. Bank 09/03/2012 3.88% 3.94% 3.13% 3.23% 2.88% 3.50%
California Bank & Trust 09/03/2012 3.63% 3.64% 3.00% 3.02% 3.38% 3.73%
Citibank 09/03/2012 3.75% 3.80% 3.00% 3.09% 3.00% 3.21%
Comerica Bank 09/03/2012 3.79% 3.86% 2.98% 3.10% 2.67% 3.12%
Bank of the West 09/03/2012 3.50% 3.56% 2.88% 2.98% 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.


San Diego Mortgage Rates Survey – Week of...

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