Major Lenders Compared

As of December 28, 2006, the current nationwide average for a 30 year fixed rate mortgage is 6.18% with 0.40 points. Last year at this time, the 30-year FRM averaged 6.22 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 - 6.000% with 1.081 points. APR = 6.393%

Chase - 6.000% with 1.250 points. APR = 6.118%

Citibank - 6.375% with 0.875 points. APR = 6.511%

Ditech - 6.250% with 1.000 points. APR = 6.477%

ELoan - 6.125% with 0.756 points. APR - 6.237%

ETrade - 5.875% with 1.000 points. APR - 6.102%

Indy Mac Bank - 5.875% with 1.169 points. APR - 6.028%

Union Bank of California - 6.250% with 1.000 points. APR - 6.379%

Wachovia - 5.750% with 1.250 points. APR - 5.975%

Washington Mutual - 5.750% with 1.250 points. APR - 5.881%

Wells Fargo - 5.875% with 1.375 points. APR - 6.134%

Of the major lenders, Washington Mutual bests the competition with an APR of 5.881%. (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.