Atlanta Mortgage Rates Survey – Week of April 23, 2012

Written by: PrimaLoans Staff

According to a recent Primerates.com survey of Atlanta mortgage rates offered by the largest area banks & credit unions, six Atlanta institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Atlanta area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and Branch Banking and Trust (www.bbt.com) offered 3.75%. The Synovus Bank (www.synovus.com) offered rates at 4.22%.

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 Atlanta 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

SunTrust Bank

04/20/2012

3.99%

4.11%

3.38%

3.63%

2.75%

3.14%

Wells Fargo

04/22/2012

3.75%

3.92%

2.88%

3.17%

2.25%

3.06%

Bank of America

04/20/2012

3.88%

4.01%

3.00%

3.30%

2.63%

3.19%

Branch Banking and Trust

04/20/2012

3.75%

4.23%

3.00%

3.80%

2.50%

2.82%

Synovus Bank

04/20/2012

4.22%

NA

6.91%

NA

NA

NA

Regions Bank

04/20/2012

3.95%

NA

3.20%

NA

2.87%

NA

JP Morgan Chase

04/22/2012

3.88%

3.98%

3.13%

3.25%

2.38%

3.07%

 

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


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Atlanta Mortgage Rates Survey – Week of April...

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