Major Lenders Compared
As of August 25, 2005, the current nationwide average for a 30 year fixed rate mortgage is 5.77% with 0.50 points. 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 - 5.750% with 1.004 points. APR = 5.867%
- Chase - 5.625% with 1.000 points. APR = 5.717%
- Citibank - 5.625% with 0.825 points. APR = 5.898%
- CountryWide - 6.000% with 0.875 points. APR = 6.107%
- Ditech - 5.500% with 1.000 points. APR = 5.674%
- ELoan - 5.625% with 0.907 points. APR - 5.745%
- ETrade - 5.500% with 0.875 points. APR - 5.790%
- Indy Mac Bank - 5.625% with 1.000 points. APR - 5.766%
- Union Bank of California - 6.000% with 1.000 points. APR - 6.174%
- Wachovia - 5.250% with 0.875 points. APR - 5.433%
- Washington Mutual - 5.625% with 0.875 points. APR - 5.738%
- Wells Fargo - 5.750% with ? points. APR - 5.940%
Week after week, Wachovia offers the lowest APR, which is the effective annual interest rate once points and fees are factored into the cost of the loan.
