Riverside, CA Mortgage Rates Survey – Week of April 16, 2012

Written by: PrimeRateNews Staff

Riverside, CA Mortgage Rates Survey – Week of April 16, 2012

According to a recent Primerates.com survey of Riverside, CA mortgage rates offered by the largest area banks & credit unions, two Riverside, CA institutions offered rates at 4.00% on 30-year fixed-rate conforming loans in the Riverside, CA area for well-qualified borrowers. Compass Bank (www.bbvacompass.com) and Onewest Bank (www.owb.com) offered rates at 3.75%. the U.S. Bank (www.usbank.com) offered rates at 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 Riverside, CA 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 04/15/2012

4.00%

4.18%

3.13%

3.43%

2.25%

3.07%

U.S. Bank 04/15/2012

4.13%

4.19%

3.38%

3.48%

2.63%

3.55%

Provident Savings Bank 04/16/2012

4.00%

4.04%

3.25%

3.34%

3.00%

3.06%

Compass Bank 04/16/2012

3.75%

3.91%

2.88%

3.16%

2.63%

3.17%

Onewest Bank 04/16/2012

3.75%

3.93%

3.25%

3.39%

2.88%

3.18%

 

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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Riverside, CA Mortgage Rates Survey – Week of...

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