NYC Mortgage Rates Survey – Week of March 26, 2012

Written by: PrimeRateNews Staff

NYC Mortgage Rates Survey – Week of March 26, 2012

According to a recent Primerates.com survey of NYC mortgage rates offered by the largest area banks & credit unions, eight NYC institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the NYC area for well-qualified borrowers. The Citibank (www.citibank.com) offered rates at 4.50% while the Hudson City (www.hcsbonline.com) offered the highest rates in the United States with 4.75%.

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 NYC 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

03/26/2012

4.00% 4.12% 3.38% 3.47% 2.63% 3.16%
Citibank

03/26/2012

4.50% 4.66% 3.88% 4.15% NA NA
HSBC

03/23/2012

4.25% 4.39% 3.50% 3.73% 3.13% 3.33%
Wells Fargo

03/26/2012

4.00% 4.17% 3.38% 3.67% 2.25% 3.06%
Capital One

03/23/2012

4.00% 4.08% 3.25% 3.38% 2.63% 2.71%
Hudson City

03/21/2012

4.75% 4.78% 3.63% 3.67% 3.13% 3.07%
Sovereign Bank

03/23/2012

4.13% 4.29% 3.38% 3.66% NA NA
PNC Bank

03/23/2012

4.13% 4.13% 3.38% 3.39% NA NA

 

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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NYC Mortgage Rates Survey – Week of March 26,...

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