According to a recent Primerates.com survey of St. Louis mortgage rates offered by the largest area banks & credit unions, three St. Louis institutions offered rates at 4.000% on 30-year fixed-rate conforming loans in the St. Louis area for well-qualified borrowers. Commerce Bank (www.commercebank.com), M&I Marshall and Ilsley Bank (www.mibank.com) and PNC Bank (www.pnc.com) offered this rate. Two other institutions offered 4.13% while the U.S. Bank (www.usbank.com) offered one of the highest rates in the country with 4.50%.
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 St. Louis 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 | 02/27/2012 | 4.50% | 4.56% | 3.75% | 3.86% | 2.75% | 3.54% |
| Commerce Bank | 02/27/2012 | 4.00% | 4.05% | 3.38% | 3.47% | 2.88% | 2.92% |
| M&I Marshall and Ilsley Bank | 02/27/2012 | 4.00% | 4.02% | 3.38% | 3.41% | NA | NA |
| PNC Bank | 02/27/2012 | 4.00% | 3.96% | 3.13% | 3.13% | NA | NA |
| UMB Bank | 02/27/2012 | 4.13% | 4.26% | 3.40% | 3.63% | 2.94% | 3.35% |
|
Reliance Bank |
02/27/2012 | 4.13% | 4.14% | 3.38% | 3.41% | 3.00% | 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 St. Louis mortgage rates offered by the largest area banks & credit unions, three St. Louis institutions offered rates at 4.000% on 30-year fixed-rate conforming loans in the St. Louis area for well-qualified borrowers. Commerce Bank (www.commercebank.com), M&I Marshall and Ilsley Bank (www.mibank.com) and PNC Bank (www.pnc.com) offered this rate. Two other institutions offered 4.13% while the U.S. Bank (www.usbank.com) offered one of the highest rates in the country with 4.50%.
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 St. Louis 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 | 02/27/2012 | 4.50% | 4.56% | 3.75% | 3.86% | 2.75% | 3.54% |
| Commerce Bank | 02/27/2012 | 4.00% | 4.05% | 3.38% | 3.47% | 2.88% | 2.92% |
| M&I Marshall and Ilsley Bank | 02/27/2012 | 4.00% | 4.02% | 3.38% | 3.41% | NA | NA |
| PNC Bank | 02/27/2012 | 4.00% | 3.96% | 3.13% | 3.13% | NA | NA |
| UMB Bank | 02/27/2012 | 4.13% | 4.26% | 3.40% | 3.63% | 2.94% | 3.35% |
|
Reliance Bank |
02/27/2012 | 4.13% | 4.14% | 3.38% | 3.41% | 3.00% | 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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