North American financial institution, SunTrust (NYSE:STI) published the updated home loan rate information for October 24, 2014, which can be found 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.
On Friday, the lender is offering the standard 30-year fixed home loan at a rate of 3.99%. This type of conventional mortgage carries an APR of 4.0944% and it also includes 0.007 discount points. Individuals, who prefer the 15-year fixed conventional home loan, will encounter a rate of 2.99%. SunTrust’s 15-year FRM comes with 0.437 discount points and an APR figure of 3.2324%, according to the updated loan information.
Moving on to FHA-backed home loan options, the 30-year FHA loan is quoted at a rate of 3.6% and 0.035 discount points. Looking at the corresponding APR variable, it’s currently set at 5.2164%.
Other home loan options at SunTrust include the 30-year fixed jumbo mortgage, which has a lending rate of 4% and it features 0.351 discount points, yielding an APR of 4.1243%.
Mortgages, which have more interest rate flexibility, including adjustable rate mortgages (ARMs), are are also available at this bank. Looking at current adjustable rate loan solutions, SunTrust’s Agency 5/1 ARM plans are starting at a lending rate of 2.9%. The loan carries 0.179 discount points and it’s accompanied by an APR of 2.9131%. The Agency 7/1 version of the financial institution’s ARM can be secured at a rate of 3.125%. The loan package bears 0.037 discount points and an APR of 3.0319%.
Information on SunTrust’s borrowing terms and conditions, as well as details on additional mortgage loan options can be found on the bank’s website.
In other mortgage-related news, Virginia-based mortgage-finance company, Freddie Mac said this week that the 30-year fixed loan edged down to 3.92% from the former 3.97% that it held a week earlier. The interest rate on the shorter-term, 15-year fixed mortgage eased as well, currently it hovers at 3.08%, according to Freddie Mac’s latest mortgage data.