SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) performs its banking operations through SunTrust Bank, which provides home loans for mortgage shoppers. The Atlanta-headquartered financial institution’s mortgage rates are updated for December 30, 2014.
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.
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 3.75%. The mortgage loan’s annual percentage rate, which shows the interest and others costs of the mortgage at a yearly rate, is set at 3.8697%. The mortgage product also features 0.209 discount points. Borrowers, who favor the 15-year fixed home loan, will encounter a rate of 2.99%. The loan package has 0.162 discount points and an APR variable of 3.1924% rounds out the package.
Now, switching to non-conventional home loan offerings, the FHA-backed 30-year fixed mortgage loan is currently available at a rate of 3.5% and 0.133 discount points. With regards to the corresponding APR, it stands at 5.1239% as of Tuesday.
The lender also provides non-conforming loans for borrowers, who are able to meet its credit standards. Currently, the 30-year fixed mortgage plans with a jumbo balance are starting at a rate of 4%. The corresponding APR stands at 4.1601% and it comes with 0.774 discount points.
Mortgages, which have more interest rate flexibility, including adjustable rate mortgages (ARMs), are are also available at this bank. Looking at current adjustable rate loan solutions, SunTrust’s Agency 5/1 ARM plans are starting at a lending rate of 2.99%. The loan carries 0.278 discount points and it’s accompanied by an APR of 3.0348%. The Agency 7/1 version of the financial institution’s ARM can be secured at a rate of 3.2%. The loan package bears 0.117 discount points and an APR of 3.1414%.
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.
Government-sponsored housing firm, Freddie Mac reported on Wednesday, that the interest rate on the 30-year fixed loan increased to 3.83% from the previous 3.80%. Meanwhile, the interest rate on the shorter-term 15-year fixed loan climbed to 3.10% last week. Previously this type of mortgage loan averaged a rate of 3.09%, according to the organization.