US Bank Mortgage Rates and Review

US BankUS Bank is one of the nations largest and most popular banks.

US Bank headquarters is located in Cincinnati Ohio.  They have $266 billion in assets and operate in over 50% of the states.

What do the people think of US Bank?

According to MyBankTracker, US bank has 2 of 5 stars based on 34 ratings.  The ratings range from “Consistently Good Service” to “Next to impossible to get anything from this bank”.

According to Viewpoints.com, US bank has 1.6 out of 5 rating based on 36 ratings.  Now keep in mind people are far more inclined to rant online when they have been wronged, you may have a different experience.  I always take the low ratings as average and if there is high ratings that makes that company all the better.

US Bank Mortgage Rates

  • 30 year fixed rate – 4.75% with 1 point and an APR of 4.903%
  • 15 year fixed rate – 4.125% with 1 point and an APR of 4.385%
  • 5/1 ARM – 3.125% with 1 point and an APR of 3.508%

These rates are above the national average for mortgage rates, which as of the day this article was posted is:

  • 30yr fixed  –  4.46%
  • 15 yr fixed  –  3.81%
  • 5/1 ARM  –  3.49%

You can jump over and check out the current mortgage rates.


3 Month High for Average Mortgage Rates – Nov 28th

The national average mortgage rates have increased to a 3 month high.

The 30 year fixed rate average has not been above 4.40% since August 19th, and the 15 year hasn’t seen this high of rates since mid September.

Here is a look at where the rates are as of this past Friday.

November 24, 2010 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.40 % 3.77 % 3.45 % 3.23 %
Fees & Points 0.8 0.7 0.6 0.6

Last week the 30 Year Rate was at 4.39% but the week before that it was at its lowest point ever, 4.17%.

Should you lock in that rate?

Rates are bound to eventually go up.  With the holidays in full swing and the new year on the horizon it is uncertain if rates will continue to remain so low.

These rates are so incredibly low it would be foolish not to get a loan locked into a fixed rate if you can, whether for a refinance or a purchase.

There are some great options for people out there too.  There are loans for people with poor credit, and refinance options for people that are upside down in their mortgage.

Need to calculate your mortgage? Try our Mortgage Calculator.


National Mortgage Rates – November 4th

Mortgage Rates for November 4th have pretty much held steady.

This weeks average rates according to the Primary Mortgage Market Survey from Freddie Mac are as follows.

November 4, 2010 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.24 % 3.63 % 3.39 % 3.26 %
Fees & Points 0.8 0.7 0.6 0.7

Last week the rates looked like this.

  • 30 year – 4.23%
  • 15 year – 3.66%
  • 5/1 ARM – 3.41%

What can we expect from here on out?

The huge swing of power in the elections are sure to affect consumer confidence, which in turn will affect the economy and eventually trickle into interest rates.

As things start unfolding we will be sure to let you know the details.

Until then it is a great time to take advantage of purchasing a new home or refinancing your existing home.


EverBank Mortgage Rates and Bank Review

Lately EverBank has been showing some very good mortgage rates that are consistently below the national average.

I thought we could take a look at what they have to offer.

Right now the national average for mortgage rates look like this:

  • 30 yr Fixed – hovering right around 4.25%
  • 15 yr Fixed – staying right around 3.7%
  • 5/1 ARM – as low as 3.41%

Today (please note the date of this article for accuracy if you find this in the future) Everbank rates are:

  • 30-yr fixed – 4.000% with an APR of 4.126%
  • 15-yr fixed – 3.375% with an APR of 3.571%
  • 5/1 ARM – 3.000% with an APR of 3.077%

Ever wonder how APR is Calculated?

As you can see in every term EverBank is beating the national average.

Of course these rates are based on a loan scenario of 80% LTV (loan to value), conforming loan amount, primary residence and an excellent credit score.  If you want to read all the fine print click here.

Who is EverBank?

EverBank is a privately held bank holding company.  Their headquarters are in Jacksonville, Florida and have over 700,000 customers all across the nation. They have an estimated $11.2 billion in assets and nearly $9 billion in deposits. EverBank is one of the nations fastest growing bank holding companies.  They have nearly 2,200 employees.

EverBank was founded in 1961 and saw continued slow growth until about 10 years ago Everbank exploded; starting at under 2 billion in assets in 2001 to now nearly 12 billion.

EverBank also has good CD Rates.


Great 30 Year Fixed Mortgage Rate at Bank of Internet

Today Bank of Internet is showing a great 30 year fixed mortgage rate.

While the national average mortgage rates are pushing 4.3% Bank of Internet is showing a 4.125% with an APR of 4.286%.

This advertised rate assumes this is a first mortgage on a primary residence under 80% LTV (Loan to Value).

Is Bank of Internet worth banking with?

Wondering what some customer reviews are like for Bank of Internet?  It is always wise to see the experience others had with financial institutions because although rates might be incredible the hassle sometimes just isn’t worth it.

You make up your mind.

According to MyBankTrackers bank rating Bank of Internet has 2 of 5 stars based on 6 user reviews.

The reviews range from “Good Rates and Features” to  “If the Bank’s President is messed up you better stay away!”.

A common theme withing the reviews is they have great rates, but they are lacking in banking features like easily transferring money.  It also seems they have a fairly strict approval process for new customers.  Some people report getting rejected even with great credit.

Here are some more features with Bank of Internet:

  • The Bank is FDIC Insured.
  • Online Safety Guarantee — Which covers 100% of any losses due break-ins, or funds that are misplaced, lost, or taken out of your account without your authorization. (see fine print below for more details)
  • Rates that consistently beat the national average.

For more information or to check out the fine print click here.


Mortgage Rates Back Bounce Back Up a Little This Week – Oct 21st

Mortgage Rates decided to rebound a little this week, but by no means is this any indication that they will continue to rise.

We have seen rates bump back up like this a few times in the past only to see them drop even more the following week.

October 21, 2010 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.21 % 3.64 % 3.45 % 3.30 %
Fees & Points 0.8 0.7 0.6 0.7

Last week the 30 year was at 4.19%.

The 5/1 ARM has actually continued downward falling from 3.47% last week.

When will rates start heading back up?

It is hard to say when rates will head back up.  With the election coming, the holidays and a new year we could see the economy start doing better.

Old article?  Check out the Mortgage Rates here.


Mortgage Rates Just Keep Going Down Oct 14

Mortgage rates are continuing to go down down down.

According to the Primary Mortgage Market Survey from Freddie Mac mortgage rates have dropped again.

Rates have been steadily dropping for months.  There have been a few times rates looked like they were going to head back up, like in mid September, but inevitably they reverse course and continue downward.  At this rate it is only a matter of time before we see the 30 year fix rate drop below 4%.

October 14, 2010 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.19 % 3.62 % 3.47 % 3.43 %
Fees & Points 0.8 0.7 0.6 0.8

Will this continue on to 2011?

You can never tell with 100% certainty what interest rates are going to do as we near the close of 2010.  There is a huge event happening in November that could have some effects on the economy and possibly affect the rates.

That event is the mid term elections.  As it looks right now there is a possibility of a change of power in the house and/or senate.  A large change of power could effect consumer confidence for the positive or negative and have a huge effect on the economy.  We could see this trickle down into mortgage rates as 2010 ends and 2011 begins.

What we know right now is that rates are extremely low and if you have an opportunity to refinance or purchase a home it is a great time to do so.

Did you know you can refinance an upside down mortgage?


Mortgage Rates Drop Again – New Record Oct 7th

According to the Primary Mortgage Market Survey from Freddie Mac the new average mortgage rates have yet again hit a new low.

October 7, 2010 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.27 % 3.72 % 3.47 % 3.40 %
Fees & Points 0.8 0.7 0.6 0.7

This information is based on Mortgage Companies all over the nation.  Freddie Mac compiles the information and averages it out to determine where rates stand today.

Is time to take Action?

You know from reading my mortgage updates in the past that I believe it is no time to drag your feet.  If you are in a position to be able to refinance now is the time to jump on board.

What if you are say 12 years into a 30 Year mortgage, is it worth refinancing then?

This is an excellent question and one that takes some research on your part to answer.  If you are around 12 – 15 years into your mortgage then chances are you are paying much more of the principle with each and every payment.  (Interest is front loaded and you pay nearly 90% interest in the first 10 years of a mortgage.)

Therefor if you are paying mostly principle now why refinance.  Well in this case there are only three factors you need to consider and that is TERM, TERM and TERM.

If you can refinance into a 10 year mortgage and have a similar payment because rates are so low, you just knocked 8 years of your mortgage.  Do not and I repeat DO NOT refinance into another 30 year mortgage if you are many years into your current 30 year fixed.

Consider your options and have your loan officer show you the options for a 10 year and 15 year mortgage.

If you want some more help check out our mortgage tips.


Bank of America Mortgages Rates and Tips

Bank of AmericaBank of America is one of the nations largest financial and lending institutions.  Because of their size Bank of America can offer some very competitive mortgage rates often times below the national average.

Bank of America has a system which will show you the rates for your local area.  Different parts of the nation may have higher or lower interest rates than others.  B of A helps you narrow down the mortgage rates to your area.

For this example I am going to use Washington State because that is where BankAim was founded.

Washington State Purchase Mortgage Rates from B of A:

  • 30-Year Fixed-Rate – 4.500% with an APR of 4.656%
  • 15-Year Fixed-Rate – 4.125% with an APR of 4.414%
  • 3/1 ARM – 3.375% with an APR of 3.365%
  • 5/1 ARM – 3.375% with an APR of 3.296%

Mortgage rates for purchases are based on 1 point which is equal to 1% of the loan size, 20% down payment and a conforming loan amount which is typically under $417,000*.

(*Conforming loan amounts may change due to the area you live.)

Washington State Refinance Mortgage Rates from B of A:

Rates for a refinance remain the same assuming you have an 80% Loan to Value(LTV) or lower, and are under the conforming loan limit for your area.  These refinance rates are also based on 1 point.

For Washington State Bank of America rates are above the national average mortgage rates. Personally I know of a few mortgage brokers that can currently offer under the national average so I would definitely shop this rate around instead of going with Bank of America.

If you want to see what B of A offers in your area and read their fine print you can do that here.

Remember to check the articles date for accuracy.


Mortgage Rate Update August 12th

Mortgage Rates for the week of August 12th have continued to drop to record lows.

For more than 6 months now we have seen mortgage rates fall to all time lows.  This week is no exception.

  • 30 Year Fix – 4.44%
  • 15 Year Fix – 3.92%
  • 5/1 ARM – 3.56%

It is still uncertain as we draw near to the end of the summer if this historic drop in mortgage interest rates will continue or if mortgage rates will start to increase.

If you have equity in your home or are looking to purchase a new home then now is a great time to take action.

You can use our mortgage calculator to help determine your monthly payment.

If you are visiting this page and it is not August 2010 you can use this table below to compare the interest rates above with where they are today.

Todays Interest Rates

*TermAugust 16thAugust 6th
30yr fixed4.19%4.31%
15 yr fixed3.43%3.48%
5/1 ARM2.92%2.86%
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