Record Setting Day for Mortgage Rates

Mortgage rates fell today for the first time ever below 4.0%.

And thanks to the Fed and their new plan to sell off short term securities in exchange for purchasing longer term ones – a move that effectively lowers both long term mortgage rates and savings rates – mortgage rates could fall even further.

So if you happen to be in the market for a new home loan or are contemplating refinancing your existing loan, you’ll currently be met with spectacularly low rates. According to our database of 30 year fixed rate mortgages, today’s APR’s are as low as 3.83% in Los Angeles as well as 3.87% in New York.

However, even though rates hit a record low today, it has been no secret that they’ve been free-falling for a few years now. Most mortgage shoppers that have been sitting on the fence, reluctant to pull the trigger on a loan, have undoubtedly been weary of jumping into the market because each week has seemed to have featured a new all time low.

Contrary to the low rates though is the overall affect on home sales. In general home sales have been sluggish since the housing market collapse of ’07 and ’08, but 2011 is actually turning out to be the worst year in well over a decade.

This move by the Fed to indirectly lower rates across the board could turn out to be a stimulating one for the economy as a whole, but more home owners are going to need to be approved for refinancing. It does little good to have record low mortgage rates when only the most immaculate of credit scores can take advantage of them.

Arizona Central Credit Union’s Mortgage Rates and Review

Arizona Central Credit Union operates 11 full-service branches with offices in Phoenix, Tucson, Glendale, Chandler, Tempe, Flagstaff and Show Low. In addition, the credit union is part of the CU Service Centers Network, which provides account access at more than 6,500 credit union branches and kiosks nationwide. Members also have access to more than 37,000 surcharge-free ATMs through the Allpoint Network.

Currently they are offering mortgage rates with APR’s lower than the national average. They offer 30 year fixed rate mortgages, 15 year fixed rate mortgages and FHA 30 year fixed rate mortgages.

Current Mortgage Rates:

(Accurate as of 1/2011)

- 30 year fixed rate mortgage with interest rate of 5.50% and APR of 5.516% with closing costs of $1373.

- 15 year fixed rate mortgage with interest rate of 4.50% and APR of 4.528% with closing costs of $1373.

- 30 year fixed rate mortgage with interest rate of 5.125% and APR of 5.865% with closing costs of $1373.

Additional Options with Arizona Central Credit Union’s Mortgage Products:

• Fixed terms of 10, 15, 20 and 30 years
• Down payment requirements of 5% to 20%
• Refinancing available, including cash out, so you can access your home’s equity for remodeling projects, debt consolidation and life’s other expenses
• First-time homebuyer programs
• Available for owner-occupied single family homes, condominiums and townhomes located in Arizona
• Financing also available for vacation homes and investment properties

Indianapolis, IN Mortgage Rates – This week’s lowest offers

After scouring the mortgage rate pages of various banks and credit unions serving the state of Indiana and more specifically the city of Indianapolis, we’ve compiled a list of the the 5 lowest mortgage rates offered in the city. The rates below are assuming a 30 year fixed rate mortgages as well as a loan amount of $417,000 or below. The banks may, however also offer 15 year fixed rate mortgages, adjustable rate mortgages, VA mortgages, FHA mortgages, home loan refinancing, and reverse mortgages. Check with the individual bank or credit union for further home loan product information.

Lowest Mortgage Rates in Indianapolis:

(Rates accurate as of October 2010. Visit the banking institution for updated rate information.)

- Fifth Third Bank (Indianapolis) is offering a 30 year fixed rate mortgage for 4.125% with 20% down. For a complete review of Fifth Third Bank’s mortgages follow the previous link.

- Finance Center Federal Credit Union (Indianapolis) is offering a 30 year fixed rate mortgage for 4.375% with 20% down.

- Harvester Financial Credit Union (Indianapolis) is offering a 30 year fixed rate mortgage for 4.250% with 20% down.

- Huntington National Bank (Indianapolis) is offering a 30 year fixed rate mortgage for 4.50% with 20% down.

- Indiana Bank and Trust Company (Indianapolis) is offering a 30 year fixed rate mortgage for 4.625% with 20% down.

* Rates may differ based on your credit score. Visit the bank or credit union for an exact quote based on your personal information and home loan needs.

If you live in Indianapolis and know of a lower home loan or mortgage rate being offered through your local bank or credit union, please share by leaving a comment.

Related: Recent Mortgage Reviews:

Aim Loan Mortgage Rates featuring APR’s below 5% as of 9/2010.

CenturyPoint Mortgage Rates featuring APR’s below 5% as of 9/2010.

VirtualBank Mortgage Rates and Review(s)

Virtual Bank, the online bank based out of Palm Beach, Florida, offers a relatively narrow focus of home loan and mortgage products to customers throughout the country. They offer both fixed rate mortgages and adjustable rate mortgages (for purchase or refinancing) and currently advertise APRs under 5%. Their home loan product line consists of (but may not be limited to): fixed rate home loans, ARMs (adjustable rate mortgages), jumbo mortgages, and home loan refinancing.

About Virtual Bank:

They’re building your wealth, not bank branches!
At traditional banks the cost involved in building bank branches is passed along to banking customers in fees and rates. VirtualBank does not have a network of branches and operates efficiently through electronic and ATM transactions. This creates operating cost efficiencies which enable them to offer you higher yields on deposit accounts and lower rates on mortgages.

Mortgage Rates offered through Virtual Bank:

(Rates accurate as of 9/2010. Visit their website for updated rates and information @ VirtualBank.com.)

- 30 year fixed rate mortgage with interest rate of 4.625% and APR of 4.65%.

- 15 year fixed rate mortgage with interest rate of 4.125% and APR of 4.16%.

- 3 year ARM (adjustable rate mortgage) with interest rate of 4.375% and APR of 4.40%.

- 5 year ARM (adjustable rate mortgage) with interest rate of 4.250% and APR of 4.27%.

- 7 year ARM (adjustable rate mortgage) with interest rate of 4.375% and APR of 4.40%.

- Jumbo 3 year ARM (adjustable rate mortgage) with interest rate of 4.50% and APR of 4.51%.

- Jumbo 5 year ARM (adjustable rate mortgage) with interest rate of 5.00% and APR of 5.01%.

- Jumbo 7 year ARM (adjustable rate mortgage) with interest rate of 5.50% and APR of 5.51%.

* You must pay certain fees to third parties such as appraisers, credit reporting firms, and government agencies. The third party fees generally total between $411.00 and $1091.00. Virtual Bank estimates the breakdown of these fees as follows:

Zions Bank Mortgage Review(s) and Interest Rates

Zions Bank, based out of Salt Lake City, Utah, offers a wide selection of mortgage products withAPR’s and interest rates frequently advertised below current national averages. Their selection of mortgage products include (but are not limited to): fixed rate mortgages, adjustable rate mortgages, interest only home loans, VA mortgages, FHA mortgages, mortgage refinancing, as well as specific loans for a number of different housing categories (condos, single family homes, secodary homes, etc).

About Zions Bank:

Zions First National Bank is a subsidiary of Zions Bancorporation which operates through over 500 offices and 600 ATMs in 10 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. As a full-service bank, Zions offers commercial, installment and mortgage loans; trust services; foreign banking services; electronic and online banking services; automatic deposit and nationwide banking and transfer services; as well as the more familiar checking and savings programs.

Mortgage Rates offered through Zions Bank:

(rates accurate as of 9/2010. Visit their mortgage center here for updated rates.)

- 30 year fixed rate mortgage with APR of 4.525% with 0 points on home loans of $250,000.

- 20 year fixed rate mortgage with APR of 4.535% with 0 points on home loans of $250,000.

- 15 year fixed rate mortgage with APR of 4.062% with 0.125 points on home loans of $250,000.

- 1 year LIBOR ARM with APR of 3.218% with 0.750 points on home loans of $250,000.

- 3/1 LIBOR ARM with APR of 3.176% with 0 points on home loans of $250,000.

- 5 year adjustable rate mortgage with APR of 3.501% with 0 points on home loans of $250,000.

- 7 year adjustable rate mortgage with APR of 3.983% with 0 points on home loans of $250,000.

Terms and Conditions:

Pricing may be affected if credit scores are lower than 740.
Your APR will vary based on your final loan amount and finance charges.

If you have experience with the home loan or refinance process with Zions Bank, please share by leaving a comment.

Sunflower Bank Mortgage Rates and Review(s)

Sunflower Bank, based in the mid west, has some decent mortgage rates available to those with reasonable credit standings. Sunflower Bank has a wide selection of mortgage products to choose from. They offer fixed rate mortgages, adjustable rate mortgages, home loan refinancing, jumbo mortgages, and home equity loans (to name a few). They may even be able to customize a loan package to fit your individual needs.

About Sunflower Bank:

Founded in 1892 in Salina, Kansas, Sunflower Bank is a $1.8-billion community bank with 33 branch locations throughout Kansas and Colorado.

Sunflower Bank provides commercial and corporate services, personal solutions, wealth management and mortgage loans, all with a focus on bringing out the best in each community, and creating possibility – the mission statement of Sunflower Bank.

Sunflower Bank is family-owned by the six children of H.D. “Joe” Hale and Joyce Vanier Hale, with Mollie Hale Carter currently serving as bank president & CEO.

With more than 100 years of commitment to the people and places it serves, Sunflower Bank and its associates continue the tradition of strengthening their communities.

Mortgage Rates offered through Sunflower Bank:

(rates accurate as of 9/2010. Visit their mortgage center here for updated rates).

- 30 year fixed rate mortgage going for 4.504% APR.

- 20 year fixed rate mortgage going for 4.483% APR.

- 15 year fixed rate mortgage going for 3.919% APR.

- 10 year fixed rate mortgage going for 3.923% APR.

- 30 year 7/1 adjustable rate mortgage going for 4.077% APR.

- 30 year 5/1 adjustable rate mortgage going for 3.824% APR.

- 30 year 3/1 adjustable rate mortgage going for 3.572% APR.

- 15 year 7/1 adjustable rate mortgage going for 4.045% APR.

- 15 year 5/1 adjustable rate mortgage going for 3.794% APR.

- 15 year 3/1 adjustable rate mortgage going for 3.550% APR.

Assumptions: These rates are based on a primary home loan purchase in Kanasas with the loan amouting to $325,000 and a lock period of 45 days.

If you have experience in the home loans process through Sunflower Bank, please share by leaving a comment!

US Bank Home Loans, Mortgage, Refinance Rates and Review(s)

US Bank has an extensive collection of mortgage products available to consumers throughout most of the country. Whether you’re looking for a new home loan or looking to refinance an existing home loan, US Bank will be able to tailor a mortgage package to fit your needs. They offer fixed rate mortgages, adjustable rate mortgages, FHA loans, VA loans, jumbo mortgages, reverse mortgages, and interest only mortgages. Their loan specialists may also be able to accommodate customized loan packages for certain customers as well.

US Bank, based out of Ohio, is one of the largest banks in the country with over 2,900 offices and $150 million (plus) in deposits. They are a publicly traded bank on the New York Stock Exchange (NYSE) under the symbol USB. They have a current market cap of almost $40 billion and were able to maintain a somewhat stable share value (relatively speaking) during the industry collapse of 2008. Their stock price currently trades in the low $20′s per share and dipped only briefly to below $10 in the Fall of 2008.

Home Loan, Refinance and Mortgage Rates offered through US Bank:

(Rates accurate as of 9/1/2010. Visit our mortgage center for updated rates and info.)

- Conforming Fixed 30 Year Mortgage going for 4.564% APR.

- Conforming Fixed 20 Year Mortgage going for 4.463% APR.

- Conforming Fixed 15 Year Mortgage going for 3.985% APR.

- Conforming Fixed 10 Year Mortgage going for 3.908% APR.

- FHA Fixed 30 Year Mortgage going for 4.879% APR.

- FHA Fixed 15 Year Mortgage going for 4.565% APR.

- VA Fixed 30 Year Mortgage going for 4.846% APR.

- VA Fixed 15 Year Mortgage going for 4.594% APR.

- 5 year ARM going for 3.544% APR.

- 3 year ARM going for 3.628% APR.

- Jumbo 30 year fixed rate mortgage going for 4.903% APR.

- Jumbo 15 year fixed rate mortgage going for 4.385% APR.

If you have experience in the home loan process with US Bank please share by leaving a comment!

Recent Mortgage Reviews:

Total Mortgage Services Review: Featuring APR’s below the national average (as of 8/2010).

E-Trade Mortgage Rates and Review: Featuring APR’s below 5% as of (8/2010).

E-Trade Mortgage Review(s) and Rates

Like many online banks in 2008, E-Trade got hit pretty hard by the industry collapse. You may even recall that earlier this year E-Trade sold its online savings accounts to Discover Bank to narrow it’s focus back to their basics – investing. However, according to an E-Trade spokesman, they are getting back into the mortgage game (kind of). TheStreet.com reported in March of 2009, that E*Trades re-emergence in the mortgage business is simply an outsource to PHH. They then cited the following:

“PHH Corp. of Mount Laurel, N.J. will take care of most aspects of the loan, including the processing, underwriting and servicing, while E*Trade will market the loans and help collect the necessary borrower information, E*Trade spokeswoman Pam Erickson said. ”

It also appears that E-Trade’s new mortgage center doesn’t really accommodate new home buyers as their products primarily consist of refinancing existing home loans.

Current Mortgage Rates provided by E-Trade:

(Rates as of 8/31/2010)

- 30 year fixed rate mortgage with APR of 4.419%.

- 15 year fixed rate mortgage with APR of 4.020%.

- 7 year ARM (adjustable rate mortgage) with APR of 3.396%

- 5 year ARM (adjustable rate mortgage) with APR of 3.268%.

- 7 year interest only mortgage with APR of 3.415%.

- 5 year interest only mortgage with APR of 3.270%.

5/1 ARM P&I 30yr Conf- Monthly Payment for the first 359 months will be $856.76 with a corresponding simple interest rate of 3.125%.Monthly Payment for the remaining 1 months will be $851.38 with a corresponding simple interest rate of 3.125%

10/1 ARM P&I 30yr Conf- The first 120 months will be at a payment of $926.24 with a corresponding simple interest rate of 3.75%, the next 239 months will be at a payment of $876.22 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $874.11 with a corresponding simple interest rate of 3.125%

5/1 ARM IO(10) 30yr Conf- The first 120 months will be at a payment of $520.83 with a corresponding simple interest rate of 3.125%, the next 239 months will be at a payment of $1,121.76 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $1,119.01 with a corresponding simple interest rate of 3.125%

10/1 ARM IO(10) 30yr Conf- The first 120 months will be at a payment of $645.83 with a corresponding simple interest rate of 3.875%, the next 239 months will be at a payment of $1,121.76 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $1,119.01 with a corresponding simple interest rate of 3.125%

7/1 ARM P&I 30yr Conf- The first 84 months will be at a payment of $879.22 with a corresponding simple interest rate of 3.33%, the next 275 months will be at a payment of $861.19 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $860.70 with a corresponding simple interest rate of 3.125%

7/1 ARM IO(10) 30yr Conf- The first 84 months will be at a payment of $576.67 with a corresponding simple interest rate of 3.46%, the next 36 months will be at a payment of $520.83 with a corresponding simple interest rate of 3.125%, the next 239 months will be at a payment of $1,121.76 with a corresponding simple interest rate of 3.125%, the remaining 1 months will be at a payment of $1,119.01 with a corresponding simple interest rate of 3.125%

3/1 ARM P&I 30yr Conf- The first 36 months will be at a payment of $933.06 with a corresponding simple interest rate of 3.81%, the next 323 months will be at a payment of $862.76 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $859.07 with a corresponding simple interest rate of 3.125%

3/1 ARM IO(10) 30yr Conf- The first 36 months will be at a payment of $666.67 with a corresponding simple interest rate of 4%, the next 84 months will be at a payment of $520.83 with a corresponding simple interest rate of 3.125%, the next 239 months will be at a payment of $1,121.76 with a corresponding simple interest rate of 3.125%, the remaining 1 months will be at a payment of $1,119.01 with a corresponding simple interest rate of 3.125%

Visit Etrade’s Banking Center for more information and current rates.

Mortgage Rates and Review: Vision Bank

Vision Bank is currently offering a wide selection of mortgage products (both fixed rate and adjustable rate mortgages) for those seeking a home loan or looking to refinance an existing loan. They have branches throughout Alabama and Florida and can do business with consumers in the southeast.

Vision Bank’s mortgage products:

30 year fixed rate mortgage – The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

As of August 2010, Vision Bank has been offering thirty year fixed rate mortgages with an interest rate of 4.375% with a 20% down payment.

15 year fixed rate mortgage – This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.

As of August 2010, Vision Bank has been offering fifteen year fixed rate mortgages with an interest rate of 3.875% with a 20% down payment.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) – These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

(descriptions of the mortgage products can also be found at visionbank.net or by clicking here.)

Recent mortgage BankVibe.com mortgage reviews:

Mahopac National Bank mortgage rates and review – featured interest rates below 5% APR.

Nationwide Bank mortgage rates and review – featured fixed rate mortgages below 5% APR.

Mortgage Rates in Denver, Colorado: This week’s best offers

After combing through the top mortgage offers available to residents in the Denver, Colorado region, we’ve managed to put together the 5 lowest mortgage rates available in the area. These offers come in the form 30 year fixed rate mortgages, 15 year fixed rates mortgages and 3 year ARMs (adjustable rate mortgages).

You will likely be able to take advantage of the home loan rates if you reside in Denver, Boulder, Aurora, Lakewood, Centennial, Fort Collins, Loveland, Longmont, and Colorado Springs.

5 Lowest Mortgage Rates in Denver, Colorado Region:

1) Eagle Legacy Credit Union (Denver, CO) has a 30 year fixed rate mortgage going for 4.518% APR depending on your credit history. Like most credit unions, they are a not for profit institution who passes their profits on to their members in the form of lower loan rates and higher savings rates.

2) US Bank National Association (Wheatridge, CO) has a 30 year fixed rate mortgage going for 4.439% APR depending on your credit history. US Bank has locations nationwide and can provide home loans in dozens of states (not just Colorado) across the country.

3) Wells Fargo Bank, National Association (Woodland Park, CO) has a 15 year fixed rate mortgage going for 3.995% APR depending on your credit history. Like US Bank, Wells Fargo has locations throughout the country and can provide home loans in several states.

4) Credit Union of Colorado (Pueblo, CO) has a 15 year fixed rate mortgage going for 3.90% with 20% down and 1.0% origination fees. The APR on this mortgage offer is not listed, you’ll need to contact their offices for details. Credit Union of Colorado is also a not for profit, member owned institution.

5) Digital Federal Credit Union (Colorado Springs, CO) has a 3 year ARM going for 3.14% APR with 20% down. DFCU is a member owned, not for profit institution with locations in several states throughout the country.

The above home loan rates are assuming your loan is under $420k. If you live in the Denver, CO region and know of a better mortgage rate offered through your local bank or credit union, please share by leaving a comment.

* Keep in mind the interest rates provided above are time sensitive in nature, please refer to the date of this article for accuracy.