SunTrust Bank is a subsidiary of SunTrust Banks, Inc.
SunTrust Bank is a subsidiary of SunTrust Banks, Inc. (NYSE: STI), a major bank holding company in the United States. Among its various financial services and products, the company provides home loans for mortgage shoppers, who are looking to buy properties in the country. SunTrust’s mortgage rates have been updated for March 16, 2015.
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 3.75%. This conventional home loan is coupled with 0.244 discount points and a corresponding APR variable of 3.9244%. 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 0.117 discount points and an APR variable of 3.4056%.
Moving away from conventional loans, the 30-year fixed rate FHA mortgage is listed at a rate of 3.5% as of Monday. This type of loan is accompanied by 0.291 discount points and an APR sum of 4.6874%.
Those, who are able to qualify for non-conforming home loans, may want to take a look at the 30-year jumbo mortgage, as it has a competitive rate today in the form of 4%. The loan’ APR variable is coming out 4.1433% and the package bears 0.235 discount points.
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 0.001 discount points and an APR figure of 3.1449%. Mortgage shoppers, who opt for the Agency 7/1 ARM, can expect to pay 3.125% in interest. The mortgage loan is accompanied by 0.141 discount points and an APR figure of 3.2217%.
For additional details on the lender’s most up-to-date home loan options, as well as information on borrowing terms and conditions, please see SunTrust’s website or contact a loan officer in charge.
Mortgage-buyer, Freddie Mac reported last week, that the interest rate on the 30-year fixed loan moved up to 3.86% from the former 3.75%. On the other hand, the interest rate on the shorter-term 15-year fixed loan soared to 3.10% last week. A week earlier this type of mortgage loan averaged a rate of 3.03%, according to the housing giant.
Bankrate also disclosed its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage drifter higher to 3.97% last week. The interest rate on the shorter-term, 15-year mortgage ticked up by 2 basis point to 3.18%, according to the survey. The interest rate on the 5/1 ARM moved lower in Bankrate’s survey, this type of mortgage is now hovering at 3.23%.