Atlanta-headquartered mortgage lender, SunTrust (NYSE:STI) updated its interest rate information for September 18, which is discussed 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. Furthermore, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.
The bank’s updated loan information revealed, that the 30-year fixed home purchase loan, which comes with a conforming loan balance, is offered at a rate of 4.25%. The mortgage loan’s annual percentage rate, which shows the interest and others costs of the mortgage at a yearly rate, is set at 4.3577%. The mortgage product also features 0.028 discount points. Borrowers, who favor the 15-year fixed home loan, will encounter a rate of 3.375%. The loan package has 0.136 discount points and an APR variable of 3.5757% rounds out the package.
At this lender, borrowers can find federally backed home loans as well. These type of mortgages could be interesting options for those who are not eligible for conventional loans. Currently, the 30-year fixed rate FHA home loan plans are starting at a lending rate of 3.9% and 0.04 discount points. This government loan features 5.5217% by way of annual percentage rate.
Borrowers, who qualify for non-conforming loans, may also be able to lock jumbo loans at favorable rates at SunTrust. Presently, the 30-year fixed mortgage plans with a jumbo balance are starting at a rate of 4.4%. The loan’ APR is set at 4.5169% and the package also has 0.231 discount points.
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 3.125%, it comes with 0.225 discount points and an annual percentage rate of 3.078%. The 7/1 ARM alternative can be secured at a rate of 3.4%. The loan package bears 0.348 discount points and an APR of 3.2543%, 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 bank’s website. Mortgage shoppers can also contact a loan officer in charge for more details on the most up-to-date mortgage interest rates.
Government-sponsored mortgage-finance firm, Freddie Mac released the results of its weekly national survey on Thursday, which showed that the average rate on the 30-year fixed mortgage rose to 4.23% from the former 4.12%. On the other hand, the shorter-term, 15-year fixed mortgage loan averaged a rate of 3.37% this week, an increase of 11 basis points compared to data from a week earlier, according to Freddie Mac.