American financial institution, SunTrust (NYSE:STI), which provides various financial services and products to its clients, updated its mortgage rate information for November 11, 2014.
Bear in mind, that the the lender’s mortgage 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 interest rate quotes are given assuming the individual has strong financial standing. Furthermore, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.
The long-term 30-year conventional home loan is currently listed at a rate of 3.99% at SunTrust. This type of home purchase loan features 0.334 discount points and comes with 4.1219% by way of APR. A shorter-term option is the 15-year fixed mortgage, which can be secured at a rate of 3.125%. As far as the corresponding APR is concerned, it stands at 3.3313% and the loan also bears 0.184 discount points.
SunTrust also provides mortgage loans, which are backed by the FHA, for individuals with low credit scores. The 30-year fixed rate FHA-backed loan is published at a rate of 3.7% and 0.171 discount points. The loan’s annual percentage rate is coming out at 5.3308%.
Other home loan options at SunTrust include the 30-year fixed jumbo mortgage, which has a lending rate of 4.125% and it features 0.217 discount points, yielding an APR of 4.2389%.
Mortgages that come with more interest rate flexibility than fixed conventional loans can also be found at this loan originator. The Agency 5/1 adjustable rate mortgage is listed at a rate of 2.99%. The aforementioned home loan features 0.291 discount points and an APR sum of 2.9534%. The Agency 7/1 adjustable rate mortgage demands 3.25% in interest at this lender. The loan features 0.068 discount points and an APR variable of 3.0929%.
Further information on the SunTrust’s current fixed and adjustable rate mortgages, as well as details on borrowing terms and conditions, can be found on the lender’s website.
As far as average mortgage interest rate are concerned, Freddie Mac announced last week, that the 30-year fixed mortgage increased to 4.02% from the former 3.98% that it carried in the prior week. The organization’s survey also revealed that the average rate on the 15-year FRM edged up to 3.21%.