Boston Mortgage Rates Survey – Week of March 19, 2012

Written by: PrimeRateNews Staff

Boston Mortgage Rates Survey – Week of March 19, 2012

According to a recent Primerates.com survey of Boston mortgage rates offered by the largest area banks & credit unions, only one Boston institution offered rates below 4.00% on 30-year fixed-rate conforming loans in the Boston area for well-qualified borrowers.  Century Bank and Trust (www.centurybank.com) offered one of the lowest rates with 3.99%. Five other institutions offered rates above 4.00% with RBS Citizens (www.citizensbank.com) offering the highest rates of the city with 4.38%. Rockland Trust (www.rocklandtrust.com) and Danversbank (www.danversbank.com) offered rates at 4.25%. Sovereign Bank (www.sovereignbank.com) offered 4.13% and Bank of America (www.bankofamerica.com) offered rates at 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 Boston 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

Bank of America

03/16/2012

4.00% 4.18% 3.25% 3.58% 2.88% 3.29%
RBS Citizens

03/15/2012

4.38% 4.41% 3.50% 3.57% 2.88% 3.16%
Sovereign Bank

03/16/2012

4.13% 4.29% 3.38% 3.66% NA NA
Rockland Trust

03/16/2012

4.25% 4.34% 3.50% 3.64% 3.88% 3.78%
Century Bank and Trust

03/19/2012

3.99% 4.04% 3.25% 3.34% 3.00% 2.97%
Danversbank

03/16/2012

4.25% 4.40% 3.38% 3.63% 3.00% 3.27%

 

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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Boston Mortgage Rates Survey – Week of March...

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