I was approved for a 30-year fixed-rate loan with 0 points through First Republic at 5.3%. This offer was contingent on transferring my banking services to their institution, including checking, direct deposit, and autopay.
However, my loan officer informed me this morning that First Republic raised their rates on 30-year fixed mortgages from 5.3% to 6.6% due to market uncertainty and fluctuations in their stock price.
After spending the entire day searching for similar rates, I haven’t had any luck, at least not without having to pay between 2 and 3 points upfront.
Does anyone know of any lenders currently offering rates around 5%? I’ve checked Bankrate, but they don’t seem to have anything available.
The closest option I found was a 10/6 ARM from SEFCU at 4.5%. I plan to contact them tomorrow, although I’m unsure if they’ll extend the loan outside of New York.
Any assistance would be greatly appreciated.
Thank you in advance.
Update 1 (March 20, 2023): Here’s my research so far, in case it helps:
- Provident: 10/10/10 at 5.125%
- SEFCU: 10/6 ARM at 4.5%
- Wells Fargo: 15-year fixed at 5.125%
- Owning: 30-year fixed at 5.375%
- Star One: 30-year fixed at 5.875%
- Sacramento CU: 30-year fixed at 5.875%
- Pacific: 30-year fixed at 5.5%
- 1st United CU: 7/1 ARM at 4.99%
Update 2 (March 21, 2023): The best rates I’ve found for a 30-year fixed mortgage, conforming with 20% down, for a single-family residence, as of March 21, 2023, are:
- Navy Federal Credit Union: 5.625% with 0.5 points (must be in the military or have a family member in the military)
- Star One Credit Union: 5.875% with no points
- El Dorado Savings: 5.5% with 1 point
I spoke with my loan officer at First Republic this morning, and despite the 40% increase in their stock price, they indicated that the 6.6% rate on a 30-year fixed mortgage is what they foresee for the foreseeable future.