NEW YORK (RateWatch) – Mortgage rates have jumped considerably during the last month, and the average rate for a 30-year fixed mortgage now sits at 5.046%, according to data from RateWatch.
Still, some banks have mercifully kept their rates relatively low, which once again emphasizes the importance of shopping around when looking for a mortgage. Alas, far too many homebuyers don’t do so, with a whopping 40% taking the first home loan quote they get.
Last week, we looked at the worst 30-year mortgages in the country to emphasize the financial consequences of failing to shop around for a better rate. While even the worst rates were typically within a percentage point of the national average, the numbers showed that a difference of 1% on a 30-year, $300,000 loan can mean $20,000 over the life of the loan.
Since consumers sometimes like to look on the bright side of things, this week we’ll look at the banks and credit unions that have bucked the trend of rising rates. Once again we’ve looked at the rates for 30-year fixed home loans; while the interest rate is considerably higher than those with 15-year terms, the lower monthly payments make them a much more feasible option for most Americans.
Bank: Desco Federal Credit Union
Rate: 4.314% APR
Bank: Bank of America
Rate: 4.4% APR
Bank: First Heritage Federal Credit Union
State: New York
Rate: 4.52% APR