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