North American financial institution, SunTrust (NYSE:STI) published the updated home loan rate information for November 6, 2014, which can be found below.
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. Additionally, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.
On Thursday, the 30-year home purchase loan, which has a fixed interest rate during its term, is offered at a rate of 3.99%. The loan’s annual percentage rate is published at 4.1156% and the loan product comes with 0.259 discount points. A shorter-term home loan alternative, the 15-year FRM, is coming out at a rate of 3.125%. The mortgage loan features 0.221 discount points and an APR variable of 3.3367%, according to the lender’s data.
Government-backed home loans could be interesting options for those borrowers, who are not eligible for standard conventional loans. Such type of mortgage loans are advertised by this financial institution. One of them, the 30-year fixed FHA-insured home loan is published at a rate of 3.625% and 0.19 discount points. The loan’s APR is set at 5.2563%.
Individuals, who prefer non-conforming loan products, may find SunTrust’s 30-year jumbo loan a more suitable option than the above mentioned mortgages. The 30-year jumbo home loan now has an opening rate of 4.125% and 0.17 discount points at this lender. This type of home purchase loan bears an APR of 4.2349%, the lender’s updated mortgage information showed.
More flexible loan options, including adjustable rate mortgages (ARMs), are are also available under the lender’s home loan portfolio. The 5/1 adjustable rate home loan has an opening rate of 2.99%, it comes with 0.23 discount points and an annual percentage rate of 2.9486%. The 7/1 ARM alternative can be secured at a rate of 3.25%. The loan package bears 0.019 discount points and an APR of 3.0889%, according to the updated mortgage data.
Additional information on SunTrust’s current mortgage rates, as well as details on borrowing terms and conditions can be found on the financial institution’s website. Borrowers can also contact a loan officer in charge for more details on the latest mortgage interest rates.
In other news, Freddie Mac released the results of its weekly national survey on Thursday, which showed that the average rate on the 30-year fixed mortgage advanced to 4.02% from the former 3.98%. On the other hand, the shorter-term, 15-year fixed mortgage loan averaged a rate of 3.21% this week, an increase of 8 basis points compared to data from a week earlier, according to the company.