Houston Mortgage Rates Survey – Week of March 12, 2012

Written by: PrimaLoans Staff

According to a recent Primerates.com survey of Houston mortgage rates offered by the largest area banks & credit unions, four Houston institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Houston area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and Compass Bank (www.bbvacompass.com) offered the lowest rates in the US with 3.75%. JP Morgan Chase (www.jpmorganchase.com) and Capital One (www.capitalone.com) offered rates at 3.88%. Three other institutions offered rates above 4.00%.

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 Houston 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

JP Morgan Chase 03/11/2012 3.88% 3.98% 3.13% 3.25% 2.50% 3.10%
Wells Fargo 03/09/2012 3.75% 3.92% 3.13% 3.42% 2.13% 3.02%
Bank of America 03/09/2012 4.13% 4.28% 3.38% 3.69% 3.00% 3.32%
Compass Bank 03/09/2012 3.75% 3.94% 2.88% 3.23% 2.63% 3.17%
Sterling Bank 03/09/2012 4.17% 4.22% 3.35% 3.45% 3.00% 3.22%
Capital One 03/09/2012 3.88% 3.97% 3.25% 3.29% 2.63% 2.69%
Comerica Bank 03/09/2012 4.17% 4.22% 3.35% 3.45% 3.00% 3.22%

 

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.


LIKE US ON FACEBOOK   

Houston Mortgage Rates Survey – Week of March...

Share Tweet