Major Lenders Compared

As of January 5, 2006, the current nationwide average for a 30 year fixed rate mortgage is 6.21% with 0.50 points. Last year at this time, the 30-year FRM averaged 5.77 percent.
Assuming a 30 year fixed loan on a single family residence in California valued at $400,000 with a $300,000 loan amount, on a borrower with good credit, with a point program around 1 point - lets see how the interest rates offered by the major lenders are doing in comparison to the national average:

• Bank of America - 6.00% with 1.075 points. APR = 6.173%
• Chase - 6.00% with 0.875 points. APR = 6.082%
• Citibank - 6.125% with 0.750 points. APR = 6.295%
• CountryWide - 6.375% with 1.000 points. APR = 6.497%
• Ditech - 6.000% with 1.000 points. APR = 6.136%
• ELoan - 6.000% with 0.651 points. APR - 6.1000%
• ETrade - 5.750% with 1.125 points. APR - 5.994%
• Indy Mac Bank - 6.000% with 0.875 points. APR - 6.133%
• Union Bank of California - 6.375% with 1.000 points. APR - 6.505%
• Wachovia - 5.750% with 0.125 points. APR - 5.869%
• Washington Mutual - 6.000% with 0.875 points. APR - 6.117%
• Wells Fargo - 6.125% with ? points. APR - 6.353%

Of the major lenders, Wachovia blows away the competition with an APR of 5.869%, and only 0.125 points. (APR is the effective annual interest rate once points and fees are factored into the cost of the loan)