The Worst 30-Year Mortgages in the U.S.

If you don't shop around for the best home loan, you could wind up with one of these above-average - i.e. bad - rates.
By Matt Brownell of MainStreet.com ,

NEW YORK (RateWatch) -- After bottoming out in mid-November, mortgage rates are decidedly on the rise. An average fixed-rate 30-year mortgage is charged an annual percentage rate of 4.832%, according to RateWatch, and many believe that the era of low mortgage rates is finally coming to an end.

Still, there will always be some rates that rise a little faster than others, and if you don't do your homework and shop around you could wind up with a mortgage rate well above the national average. Unfortunately, many home buyers don't take the time to comparison shop. A new study finds that 40% of borrowers simply take the

first home loan quote they get

. It's not unreasonable to wonder how much money these people could have saved by getting a second quote.

If you don't shop around, you could wind up with a mortgage rate well above the national average.

We decided to see how much deviation there is in home mortgage rates, and thereby determine the worst-case scenario for a borrower who takes the first quote they get. While most of the highest rates were within 1% of the national average, keep in mind that a little difference can go a long way when you're talking about a home mortgage, which accrues interest for decades on significant sums of money.

For instance, if you're buying a $300,000 house with a $60,000 down payment on a 30-year loan, a rise of just 1% in your APR can mean paying an additional $21,732 over the life of the loan.

Here, then, are the 10 highest APRs on 30-year fixed-rate mortgages in the U.S., according to

RateWatch

as of Monday evening.

Bank:

Union Bank

State:

Vermont

Rate:

8.008% APR

Bank:

Clarion County Community Bank

State:

Pennsylvania

Rate:

6.995% APR

Bank:

SRP Federal Credit Union

State:

South Carolina

Rate:

6.725% APR

Bank:

Marquette Savings Bank

State:

Pennsylvania

Rate:

6.029% APR

Bank:

Southbridge Savings Bank

State:

Massachusetts

Rate:

5.844% APR

Bank:

Community 1 Federal Credit Union

State:

South Carolina

Rate:

5.8% APR

Bank:

Merchants Bank

State:

Vermont

Rate:

5.694% APR

Bank:

Midwest Community Federal Credit Union

State:

Ohio

Rate:

5.637% APR

Bank:

Provident Bank

State:

Massachusetts

Rate:

5.410% APR

Bank:

Golden 1 Credit Union

State:

California

Rate:

5.396% APR

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