North American mortgage lender, SunTrust (NYSE:STI) disclosed the updated home loan rate information for November 12, 2014, which can be found below.
Take note, that the lender’s mortgage interest 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 mortgage rate quotes are given assuming the borrower has strong financial standing. In addition, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.
According to the latest data, SunTrust’s 30-year fixed home loan starts at a rate of 3.99%. This conventional home loan is coupled with 0.237 discount points and a corresponding APR variable of 4.1137%. The 15-year conventional home purchase loan is another possible option, currently it’s quoted at a rate of 3.125% and the mortgage is accompanied by 0.143 discount points and an APR variable of 3.3254%.
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 Wednesday at a rate of 3.625% and 0.226 discount points. The loan’s APR variable stands at 5.2597%.
Mortgage shoppers, who prefer non-conforming loans, may want to consider the lender’s 30-year fixed jumbo mortgage, as it has a competitive rate in the form of 4.125%, the lender’s mortgage information revealed. The mortgage loan is accompanied by 0.158 discount points and an APR figure of 4.2339%.
Besides fixed rate conventional loans, the bank provides adjustable rate mortgages (ARMs) as well. Under its mortgage loan program, SunTrust offers the flexible Agency 5/1 ARM at a rate of 2.99%. The aforementioned flexible home loan comes with 0.297 discount points and an APR figure of 3.0363%. Mortgage shoppers, who opt for the Agency 7/1 ARM, can expect to pay 3.25% in interest. The mortgage loan is accompanied by 0.023 discount points and an APR figure of 3.1573%.
Information on SunTrust’s borrowing terms and conditions, as well as details on additional mortgage loan options can be found on the bank’s website.
In other mortgage-related news, Virginia-based mortgage-finance company, Freddie Mac said last week that the 30-year fixed loan ticked up to 4.02% from the former 3.98% that it held a week earlier. The interest rate on the shorter-term, 15-year fixed mortgage increased as well, currently it hovers at 3.21%, Freddie Mac’s data showed.