Nationwide Bank Mortgage Rates and Review
Nationwide Bank is currently offering some enticingly low mortgage rates for both fixed rate and adjustable rate mortgages. Lately they have been advertising mortgage rates for home purchases as well as refinancing an existing mortgage with APR’s under the current national average.
Over the last 80 years, Nationwide has grown from a small mutual auto insurer owned by policyholders to one of the largest insurance and financial services companies in the world, with more than $135 billion in statutory assets.
Current Mortgage Rates offered through Nationwide Bank:
(rates accurate as of 8/24/2010)
Fixed Rate Mortgages:
- 30 year fixed rate mortgage advertised with an interest rate of 4.25% and an APR of 4.404% with 1 point. The current national average for 30 year fixed rate mortgages sits at roughly 4.53%.
- 15 year fixed rate mortgage advertised with an interest rate of 3.625% and an APR of 3.893% with 1 point. The current national average for 30 year fixed rate mortgages sits at roughly 3.96%.
Adjustable Rate Mortgages:
- 3/1 LIBOR ARM with an advertised interest rate of 3.25% and an APR of 3.287% with 0.875 points.
- 5/1 LIBOR ARM with an advertised interest rate of 4.00% and an APR of 3.54% with 0.50 points.
Mortgage Refinancing Rates:
Conforming Loans:
- 30 year fixed rate mortgage advertised with an interest rate of 4.25% and an APR of 4.404% with 1 point.
- 15 year fixed rate mortgage advertised with an interest rate of 3.625% and an APR of 3.893% with 1 point.
Non-Conforming (Jumbo Mortgage) Loans:
- 30 year fixed rate mortgage advertised with an interest rate of 4.50% and an APR of 4.604% with 1 point.
- 15 year fixed rate mortgage advertised with an interest rate of 4.25% and an APR of 4.525% with 1.625 points.
Nationwide Bank Mortgage Product Terms and Conditions:
Annual Percentage Rate (APR). Interest rates and the APR are subject to change at any time and without notice due to changes in the mortgage market. These rates may also adjust according to credit and property approval based on secondary market guidelines. The rates shown are based on average interest rates for customers with a good credit history. Your individual rate may vary. The APR calculation and the principal and interest (P&I) amounts are both based on a loan amount of $150,000 for the purchase of a primary residence, with 80% loan-to-value (LTV), approximately 15 days prepaid interest, origination charges of $795, an additional $422 in prepaid finance charges, plus discount points shown for a 45 day lock. For adjustable rate mortgages (ARMs), the rates may increase after consummation. All of our ARM programs have a 30-year term. Our loans do not have prepayment penalties, and we normally require the escrow of taxes and insurance, which will be in addition to the principal and interest payments shown above. Be sure you understand the terms of the loan you are applying for. For additional important information regarding adjustable rate mortgage contact Nationwide Bank.
Compare the rates listed above against other bank and credit union mortgage rates:
NewAlliance Bank mortgage rates are offered with competitive APR’s and terms (based in Connecticut).
BECU’s (Boeing Employees Credit Union) mortgage rates are offered in some select states and come with competitive APR’s.
Fifth Third Bank mortgage rates are offered in the mid-west and come with competitive interest rates.
