Major Lenders Compared

As of December 21, 2006, the current nationwide average for a 30 year fixed rate mortgage is 6.13% with 0.40 points. Last year at this time, the 30-year FRM averaged 6.26 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 - 5.875% with 1.237 points. APR = 6.058%

Chase - 5.875% with 1.000 points. APR = 5.968%

Citibank - 6.000% with 0.750 points. APR = 6.466%

Ditech - 6.125% with 1.000 points. APR = 6.350%

ELoan - 6.125% with 0.589 points. APR - 6.221%

ETrade - 5.750% with 1.000 points. APR - 5.982%

Indy Mac Bank - 6.000% with 0.804 points. APR - 6.149%

Union Bank of California - 6.125% with 1.000 points. APR - 6.253%

Wachovia - 5.625% with 1.000 points. APR - 5.825%

Washington Mutual - 5.625% with 1.000 points. APR - 5.741%

Wells Fargo - 6.125% with ? points. APR - 6.353%

Of the major lenders, Washington Mutual bests the competition with an APR of 5.741%. (APR is the effective annual interest rate once points and fees are factored into the cost of the loan). Note of interest: CountryWide, who consistantly seemed to have higher than average rates, no longer posts their current rates online.