Atlanta-headquartered mortgage lender, SunTrust (NYSE:STI) updated its interest rate information for December 18, which is discussed below.
Take note, that the lender’s mortgage interest rates are subject to change without prior notice and may vary upon loan approval or actual disbursement of funds. With the exception of loans insured by the Federal Housing Administration (FHA) for borrowers with low credit scores, the mortgage rate quotes are given assuming the borrower has strong financial standing. Moreover, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.
As far as standard conventional home loans are concerned, 30-year FRM is quoted at a rate of 3.9%, according to the latest data. The loan package comes with 0.092 discount points and bears 4.0109% by way of APR. Mortgage shoppers, who seek a shorter-term home purchase loan, may want to take a look at SunTrust’s 15-year fixed conventional mortgage, as it starts at a rate of 3.1%. Currently, this type of mortgage loan features an APR of 3.2863% and 0.047 discount points.
At this bank, borrowers can also find federally insured home loan offerings. These type of mortgages could be interesting for those who are not eligible for conventional loans. Presently, the long-term, 30-year fixed rate FHA loan schemes are starting at a lending rate of 3.625% and 0.158 discount points. The mortgage package also features 5.2533% by way of annual percentage rate.
Those, who are able to qualify for non-conforming home loans, may want to take a look at the 30-year jumbo mortgage, as it has a competitive rate on Thursday in the form of 4.125%. The loan’ APR variable is coming out 4.261% and the package bears 0.477 discount points.
Besides fixed rate conventional loans, the bank provides adjustable rate mortgages (ARMs) as well. Under its mortgage loan program, SunTrust offers the flexible Agency 5/1 ARM at a rate of 3.125%. The aforementioned flexible home loan comes with 0.051 discount points and an APR figure of 3.1081%. Mortgage shoppers, who opt for the Agency 7/1 ARM, can expect to pay 3.3% in interest. The mortgage loan is accompanied by 0.213 discount points and an APR figure of 3.1961%.
Additional information on SunTrust’s current mortgage rates, as well as details on borrowing terms and conditions can be found on the bank’s website. Mortgage shoppers can also contact a loan officer in charge for more details on the most up-to-date mortgage interest rates.
Government-sponsored housing-finance company, Freddie Mac published the results of its weekly mortgage survey on Thursday, which revealed that the average rate on the 30-year fixed loan dipped to 3.80% from the former 3.93%. On the other hand, the shorter-term, 15-year fixed mortgage loan averaged a rate of 3.09% this week, a decline of 11 basis points compared to data from a week earlier, according to the organization.