U.S. mortgage loan provider, SunTrust (NYSE:STI) updated its mortgage interest rate information for October 4, which is discussed below.
Other than the federally backed loans, the mortgage interest rate quotes given assume that the borrower has excellent credit history. The annual percentage rate (APR) calculations were made using closing costs and discount points, assuming that the borrower will pay 1.00% of the total loan amount in origination fees.
On Saturday, SunTrust’s 30-year conventional home loan is advertised at a rate of 4.125%. According to the updated loan information, this type of home purchase loan comes with 4.2341% by way of APR and the loan package also carries 0.053 discount points. A shorter-term loan alternative, the 15-year fixed home loan, is published at a rate of 3.3% at this lender. The 15-year FRM is accompanied by 0.225 discount points and an APR variable of 3.5133%, according to the loan provider’s data.
Switching to non-conventional loans, currently the benchmark 30-year fixed FHA mortgage has a lending rate of 3.7% and 0.733 discount points. This type of loan comes with an APR figure of 5.3841%.
Qualified borrowes may also be able to secure jumbo loans at favorable rates at this loan provider. Presently, the financial institution offers the 30-year fixed mortgage with a jumbo balance at a rate of 4.3%. The loan features 0.196 discount points and an APR of 4.4132%.
Loans that come with more interest rate flexibility than fixed conventional mortgages can also be found at this loan originator. In the adjustable rate loan arena, the Agency 5/1 ARM is advertised at a rate of 3.125%. The aforementioned home loan comes with 0.16 discount points and an APR figure of 3.0728%. SunTrust’s Agency 7/1 adjustable rate mortgage is another possible alternative and today it’s quoted at a rate of 3.375%. The loan features 0.008 discount points and an APR variable of 3.2149%, according to the updated loan information.
Details on borrowing terms and conditions as well as information on additional mortgage loan options can be found on the lender’s website.
Staying with mortgage loans, Freddie Mac’s weekly Primary Mortgage Market Survey (PMMS) showed that the average interest rate on the 30-year fixed mortgage edged down to 4.19% this week. This translates to an decrease of 1 basis point compared to data from a week earlier. The 15-year FRM hasn’t experienced any movement this week, with the interest rate still hovering at 3.36%, the company’s weekly survey revealed.