American financial institution, SunTrust (NYSE:STI), which provides various financial services and products to its clients, updated its mortgage rate information for December 11, 2014.
Other than the Federal Housing Administration (FHA)-insured 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.
Fixed rate conventional home loans are among the most popular loan options at this financial institution. Today, the benchmark 30-year home loan is quoted at a rate of 3.875%. The loan carries 0.093 discount points and an annual percentage rate of 3.9858%. Individuals, who lean toward the 15-year fixed home purchase loan, will see it being offered at a rate of 3.125%. The corresponding APR variable is coming out at 3.3197% and the loan package also has 0.185 discount points.
Mortgages, which come with lower down payment requirements than standard conventional home loans are also available at this lender. Presently, the 30-year fixed rate FHA-insured mortgage is up for grabs at an interest cost equivalent to 3.5% and it carries 0.382 discount points. This type of government loan has an APR figure of 5.1472%.
Home purchase loans, which comes with loan amounts that exceed conforming loan limits are also available at the Atlanta-headquartered loan originator. Presently, the 30-year fixed rate jumbo loan is published at a rate of 4.125%. The mortgage loan comes with 0.139 discount points and an annual percentage rate of 4.2323%, according to our observations.
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 3.125%. The aforementioned home loan features 0.193 discount points and an APR sum of 3.0754%. The Agency 7/1 adjustable rate mortgage demands 3.25% in interest at this lender. The loan features 0.112 discount points and an APR variable of 3.1645%.
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.
Staying with mortgage loans, Freddie Mac’s weekly Primary Mortgage Market Survey (PMMS) showed that the average interest rate on the 30-year fixed mortgage rose to 3.93% this week. This translates to an increase of 4 basis points compared to data from a week earlier. The 15-year FRM carries a higher interest rate as well in the form of 3.2%. In the prior week, this type of mortgage loan averaged a rate of 3.10%, Freddie Mac announced.