The Worst 30-Year Mortgages in the U.S.

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NEW YORK (RateWatch) – After bottoming out in mid-November, mortgage rates are now decidedly on the rise. An average fixed-rate 30-year mortgage is currently charged an annual percentage rate of 4.832% according to RateWatch, and many believe that the era of low mortgage rates is finally coming to an end.

Still, there will always be some rates that rise a little faster than others, and if you don’t do your homework and shop around you could wind up with a mortgage rate well above the national average. Unfortunately, many homebuyers don’t take the time to comparison shop. A new study finds that 40% of borrowers simply take the first home loan quote they receive. It’s not unreasonable to wonder how much money these people could have saved by getting a second quote.

We decided to see how much deviation there is in home mortgage rates, and thereby determine the worst-case scenario for a borrower who takes the first quote they get. While most of the highest rates were within 1% of the national average, keep in mind that a little difference can go a long way when you’re talking about a home mortgage, which accrues interest for decades on significant sums of money.

For instance, if you’re purchasing a $300,000 house with a $60,000 down payment on a 30-year loan, a rise of just 1% in your APR can mean paying an additional $21,732 over the life of the loan.

Here, then, are the 10 highest APRs on 30-year fixed-rate mortgages in the U.S., according to RateWatch as of Monday evening.


Bank: Union Bank
State: Vermont
Rate: 8.008% APR

Bank: Clarion County Community Bank      
State: Pennsylvania               
Rate: 6.995% APR

Bank: SRP Federal Credit Union
State: South Carolina
Rate: 6.725% APR

Bank: Marquette Savings Bank       
State: Pennsylvania                      
Rate: 6.029% APR

Bank: Southbridge Savings Bank   
State: Massachusetts                       
Rate: 5.844% APR

Bank: Community 1 Federal Credit Union  
State: South Carolina                
Rate: 5.8% APR


Bank: Merchants Bank      
State: Vermont                              
Rate: 5.694% APR

Bank: Midwest Community Federal Credit Union   
State: Ohio        
Rate: 5.637% APR

Bank: Provident Bank    
State: Massachusetts                                
Rate: 5.410% APR

Bank: Golden 1 Credit Union  
State: California
Rate: 5.396% APR

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

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