American financial institution, SunTrust (NYSE:STI), which provides various financial services and products to its clients, updated its mortgage rate information for November 24, 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. Additionally, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.
Today, SunTrust’s 30-year conventional home loan is advertised at a rate of 3.9%. According to the updated loan information, this type of home purchase loan comes with 4.0501% by way of APR and the loan package also carries 0.558 discount points. A shorter-term loan alternative, the 15-year fixed home loan, is published at a rate of 3.1% at this lender. The 15-year FRM is accompanied by 0.076 discount points and an APR variable of 3.2905%, according to the financial institution’s data.
Aside the above mentioned conventional mortgages, the lender also offers non-conventional loans. Currently, the 30-year FHA-insured home loan product starts at a rate of 3.625%, it carries 0.101 discount points. The APR on this type of mortgage loan is set at 5.248% as of Monday.
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 0.161 discount points at this lender. This type of home purchase loan bears an APR of 4.2341%, the lender’s updated mortgage information showed.
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 0.22 discount points and an APR sum of 3.0302%. The Agency 7/1 adjustable rate mortgage demands 3.2% in interest at this lender. The loan features 0.122 discount points and an APR variable of 3.1418%.
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 bank’s website.
Now, heading over to current national mortgage rates, mortgage-buyer Freddie Mac reported last week, that the 30-year fixed mortgage averaged a rate of 3.99%, a downtick of 2 basis points compared to data from the previous week. The organization also said that the interest rate on the 15-year fixed mortgage loan ticked down as well, and now it stands at 3.17%.