According to a recent Primerates.com survey of San Diego mortgage rates offered by the largest area banks & credit unions, six San Diego institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the San Diego area for well-qualified borrowers. JPMorgan Chase (www.jpmorganchase.com) and Bank of the West (www.bankofthewest.com) offered rates at 3.50%. The California Bank & Trust (www.calbanktrust.com) offered rates at 3.63%, Citibank (www.citibank.com) offered rates at 3.75%, the Comerica Bank (www.comerica.com) offered rates at 3.79% and The U.S Bank (www.usbank.com) offered rates at 3.88%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top San Diego Area Banks and Credit Unions | As of | 30 Yr-Rate | 30 Yr-APR | 15 Yr-Rate | 15 Yr-APR | 5/1 ARM-IR | 5/1 ARM-APR |
| JPMorgan Chase | 09/03/2012 | 3.50% | 3.55% | NA | NA | NA | NA |
| U.S. Bank | 09/03/2012 | 3.88% | 3.94% | 3.13% | 3.23% | 2.88% | 3.50% |
| California Bank & Trust | 09/03/2012 | 3.63% | 3.64% | 3.00% | 3.02% | 3.38% | 3.73% |
| Citibank | 09/03/2012 | 3.75% | 3.80% | 3.00% | 3.09% | 3.00% | 3.21% |
| Comerica Bank | 09/03/2012 | 3.79% | 3.86% | 2.98% | 3.10% | 2.67% | 3.12% |
| Bank of the West | 09/03/2012 | 3.50% | 3.56% | 2.88% | 2.98% | NA | NA |
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
According to a recent Primerates.com survey of San Diego mortgage rates offered by the largest area banks & credit unions, six San Diego institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the San Diego area for well-qualified borrowers. JPMorgan Chase (www.jpmorganchase.com) and Bank of the West (www.bankofthewest.com) offered rates at 3.50%. The California Bank & Trust (www.calbanktrust.com) offered rates at 3.63%, Citibank (www.citibank.com) offered rates at 3.75%, the Comerica Bank (www.comerica.com) offered rates at 3.79% and The U.S Bank (www.usbank.com) offered rates at 3.88%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top San Diego Area Banks and Credit Unions | As of | 30 Yr-Rate | 30 Yr-APR | 15 Yr-Rate | 15 Yr-APR | 5/1 ARM-IR | 5/1 ARM-APR |
| JPMorgan Chase | 09/03/2012 | 3.50% | 3.55% | NA | NA | NA | NA |
| U.S. Bank | 09/03/2012 | 3.88% | 3.94% | 3.13% | 3.23% | 2.88% | 3.50% |
| California Bank & Trust | 09/03/2012 | 3.63% | 3.64% | 3.00% | 3.02% | 3.38% | 3.73% |
| Citibank | 09/03/2012 | 3.75% | 3.80% | 3.00% | 3.09% | 3.00% | 3.21% |
| Comerica Bank | 09/03/2012 | 3.79% | 3.86% | 2.98% | 3.10% | 2.67% | 3.12% |
| Bank of the West | 09/03/2012 | 3.50% | 3.56% | 2.88% | 2.98% | NA | NA |
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
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