Denver Mortgage Rates Survey – Week of April 16, 2012

Written by: PrimaLoans Staff

According to a recent Primerates.com survey of Denver mortgage rates offered by the largest area banks & credit unions, two Denver institutions offered rates at 4.00% on 30-year fixed-rate conforming loans in the Denver area for well-qualified borrowers. The Compass Bank (www.bbvacompass.com) offered the lowest rates in the city with 3.75%, Wells Fargo Bank (www.wellsfargo.com) offered rates at 3.88% and the KeyBank National Association (www.key.com) offered 3.98%. The U.S Bank National (www.usbank.com) offered the highest rates in the city with 4.13%.

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 Denver 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

Wells Fargo Bank 04/15/2012

3.88%

4.01%

3.13%

3.37%

2.25%

3.04%

U.S. Bank National 04/15/2012

4.13%

4.19%

3.38%

3.48%

2.63%

3.41%

Bank of the West 04/15/2012

4.00%

4.03%

3.25%

3.31%

2.63%

3.07%

KeyBank National Association 04/15/2012

3.98%

4.04%

3.30%

3.40%

2.67%

3.10%

Compass Bank 04/15/2012

3.75%

3.90%

2.88%

3.17%

2.63%

3.17%

UMB Bank Colorado 04/15/2012

4.08%

4.15%

3.30%

3.51%

2.75%

3.19%

 

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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Denver Mortgage Rates Survey – Week of April...

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