North American financial institution, SunTrust (NYSE:STI) published the updated home loan rate information for December 14, 2014, which can be found below.
Other than the federally backed loans, the mortgage interest rate quotes given assume that the borrower has excellent credit history. The annual percentage rate (APR) calculations were made using closing costs and discount points, assuming that the borrower will pay 1.00% of the total loan amount in origination fees.
With regards to current home loan options, SunTrust advertises the benchmark 30-year fixed mortgage at a rate of 3.875%. The loan bears 0.093 discount points and an APR variable of 3.9858%. Individuals, who are looking to obtain the 15-year FRM, will see the interest rate on this loan hovering at 3.125%. This conventional mortgage product also features 0.104 discount points and 3.3197% by way of annual percentage rate.
At this lender, borrowers can find federally backed home loans as well. These type of mortgages could be interesting options for those who are not eligible for conventional loans. Currently, the 30-year fixed rate FHA home loan plans are starting at a lending rate of 3.5% and 0.382 discount points. This government loan features 5.1472% by way of annual percentage rate.
Jumbo mortgage loans are also provided by the lender, including the standard 30-year fixed jumbo mortgage, which has a lending rate of 4.125%. The loan comes with 0.139 discount points and an annual percentage rate of 4.2323%.
Besides fixed rate conventional mortgages, the bank provides adjustable rate mortgages (ARMs) as well. In the ARM loan arena, SunTrust’s Agency 5/1 adjustable rate mortgage schemes are starting at at lending rate of 3.125% as of Sunday. This flexible home mortgage loan features 0.193 discount points and it comes with an APR of 3.0754%. Those opting for the Agency 7/1 version of the lender’s ARM package, can expect to pay 3.25% interest cost. The loan carries 0.112 discount points and an APR figure of 3.1645% rounds out the deal.
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.
With regards to national mortgage rates, Virginia-based mortgage-finance company, Freddie Mac announced this week that the 30-year fixed loan surged to 3.93% from the former 3.89% that it held a week earlier. The interest rate on the shorter-term, 15-year fixed mortgage increased as well, currently it stands at 3.2%, the housing giant’s figures revealed.