Major Lenders Compared
As of November 10, 2005, the current nationwide average for a 30 year fixed rate mortgage is 6.36% with 0.50 points. Last year at this time, the 30-year FRM averaged 5.76 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 - 6.25% with 1.015 points. APR = 6.3732%
- Chase - 6.250% with 1.125 points. APR = 6.357%
- Citibank - 6.250% with 1.000 points. APR = 6.552%
- CountryWide - 6.500% with 1.125 points. APR = 6.634%
- Ditech - 6.000% with 1.000 points. APR = 6.181%
- ELoan - 6.125% with 1.106 points. APR - 6.270%
- ETrade - 5.990% with 1.000 points. APR - 6.222%
- Indy Mac Bank - 6.250% with 1.125 points. APR - 6.409%
- Union Bank of California - 6.500% with 1.000 points. APR - 6.684%
- Wachovia - 5.875% with 1.125 points. APR - 6.089%
- Washington Mutual - 6.250% with 1.125 points. APR - 6.393%
- Wells Fargo - 6.375% with ? points. APR - 6.606%
Wachovia is currently offering offers the lowest APR at 6.089%, with Ditech in a close second at 6.181%. The APR is the effective annual interest rate once points and fees are factored into the cost of the loan.
