U.S. financial institution, SunTrust (NYSE:STI), which provides various financial services and products to its customers, updated its mortgage rate information for October 31, 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.
Presently, the bank is offering the standard 30-year fixed home loan at a rate of 3.99%. This type of conventional mortgage carries an APR of 4.1158% and it also includes 0.262 discount points. Individuals, who prefer the 15-year fixed conventional home loan, will encounter a rate of 3.125%. SunTrust’s 15-year FRM comes with 0.216 discount points and an APR figure of 3.336%, according to the updated loan information.
Government-backed mortgages, including FHA home loans, are also advertised by this financial institution. The 30-year fixed FHA-backed home loan is available on Friday at a rate of 3.625% and 0.267 discount points. The loan’s APR variable stands at 5.2636%.
Borrowers, who are able to meet SunTrust’s credit requirements, may be able to obtain jumbo loans at favorable interest rates. On Friday, the 30-year fixed mortgage with a jumbo balance is published at a rate of 4.125%. The loan is accompanied by 0.257 discount points and an APR sum of 4.2423%.
Home loans that come with more interest rate flexibility than fixed conventional loans are also advertised by SunTrust. Currently, the Agency 5/1 ARM is quoted at a rate of 3.1%, it bears 0.003 discount points and an APR variable of 2.9691%. Potential customers, who find the 7/1 ARM a more appealing option, will see it being offered today at a rate of 3.25%. The loan is coupled with 0.072 discount points and an annual percentage rate of 3.0932%.
For additional information on SunTrust’s mortgage interest rates, as well as details on borrowing terms and conditions, please head over to the lender’s website or contact a loan officer in charge.
Now, heading over to current national mortgage rates, mortgage-buyer Freddie Mac announced on Thursday, that the 30-year fixed mortgage averaged a rate of 3.98% this week, an increase of 6 basis points compared to data from the previous week. The organization also said that the interest rate on the 15-year fixed mortgage headed higher to 3.13%.