Two major financial institutions, U.S. Bank (NYSE:USB) and Quicken Loans updated their mortgage information for August 8, 2014, which are listed below.
Two major financial institutions, U.S. Bank (NYSE:USB) and Quicken Loans updated their mortgage information for August 8, 2014, which are listed below. Bear in mind, that the annual percentage rate (APR) calculations were based on closing costs and discount points, as the contract interest rates are subject to change without prior notice.
At U.S. Bank, the 30-year conventional home purchase loan is published today at a rate of 4.250%. The loan’s annual percentage rate is holding firm at 4.313%, according to our observations. The lender hasn’t made any adjustments to the 15-year fixed home loan on Friday. Currently, this type of loan is quoted at a rate of 3.500% and it comes with an APR yield of 3.609%.
Under the bank’s home loan program individuals can find non-conventional mortgages as well. The standard 30-year fixed mortgage insured by the Federal Housing Administration (FHA) is available today at a rate of 4.000% and it features an APR figure of 4.489%. Borrowers, who prefer the shorter-term, 15-year FHA mortgage, will see it being offered at a rate of 3.500% this Friday. According to the updated loan information, the aforementioned mortgage has an APR of 4.054%:
Turning focus to VA home loans at this lender, the long-term 30-year fixed VA mortgage is currently advertised at a rate of 4.000% and it comes with an annual percentage rate of 4.343%. The 15-year version of the VA home loan is up for grabs at an interest cost equivalent to 3.500%. With regards to the loan’s APR, it’s quoted at 4.085%.
Moving on to jumbo home loan offerings, the 30-year fixed mortgage with a jumbo balance is offered by U.S. Bank at a rate of 4.125% on Friday. This type of home loan is coupled with an annual percentage rate of 4.197%. A shorter-term non-conforming loan, the 15-year fixed jumbo mortgage is published at a rate of 3.750% and it features 3.876% by way of APR.
Borrowers, who seek flexibility in terms of interest rates may want to consider U.S. Bank’s adjustable rate mortgages (ARMs). These type of loans come with a fixed interest rate period then the rate is adjusted for the rest of the loan’s duration depending on prevailing interest rates at the reset schedule.
On Friday, the 5-year ARM home purchase loan demands 2.750% in interest and it’s coupled with an APR figure of 2.899%. Another flexible home loan, the 3-year ARM has an opening rate of 2.750%. The corresponding APR is set at 2.906% on this type of mortgage.
As far as Quicken Loans’ current home refinance rates are concerned, the benchmark 30-year FRM can be locked in at a rate of 4.125% and the loan has an annual percentage rate of 4.356%. The lender’s shorter-term, 15-year home refinance loan is up for grabs at an interest cost equivalent to 3.25%. The mortgage package includes an APR variable of 3.669%.
At this lender, borrowers can find non-conventional mortgage loans as well, like the 15-year fixed FHA mortgage. On Friday, the aforementioned loan is published at a rate of 2.99%, whilst the loan’s APR is hovering at 4.004%.
In case of the flexible 7/1 adjustable rate mortgage, the current mortgage rate is set at 3.125%. According to Quicken Loans’ mortgage information, the refinance loan’s APR is quoted at 3.149%.
Detailed information on U.S. Bank’s and Quicken Loans’ latest mortgage interest rates and borrowing terms and conditions can be found on their websites.