Two major loan providers in the country, U.S. Bank (NYSE:USB) and Quicken Loans updated their mortgage interest rates for April 14, 2015, which are discussed below.
As far as long-term home purchase loans are concerned, the 30-year fixed rate mortgage carries 3.750% in interest and bears an annual percentage rate of 3.821%. With regards to the 15-year FRM, it’s offered at a rate of 3.125%. The APR hovers at 3.249%, according to the latest data.
Individuals, who are seeking to invest in a new or used home and considering to lock a favorable non-conventional mortgage, should take a look at U.S. Bank’s 30-year fixed FHA loan, which starts at 3.625%, whilst the APR is coming out at 5.179%. The shorter-term, 15-year fixed FHA mortgage may be a good choice for some borrowers, as it bears 3.125% in interest cost and it also features an APR of 4.190%.
Switching to VA loans, the long-term 30-year fixed VA mortgage could be interesting for certain individuals, as it can be obtained at a rate of 3.625% and the package has an APR variable of 3.960%.
Among non-conforming loans, interested borrowers can find the 30-year fixed jumbo mortgage, which demands 3.750% in interest cost. The corresponding APR is quoted at 3.820%. Those favoring the 15-year jumbo loan, will see it being advertised at a rate of 3.625% and the package features an APR sum of 3.663%, according to U.S. Bank’s rate information.
U.S. Bank’s flexible home purchase loan options include the 5-year adjustable rate mortgage, which is listed at a rate of 2.750% and an APR of 2.980%. The 3-year version of this loan comes with an interest rate of 2.750% and a corresponding APR of 3.012%.
U.S. lender, Quicken Loans is the largest online retail mortgage provider in the United States. The company provides home refinance loans for qualified borrowers customers, among its other financial services. At the Detroit-based lender, the 30-year fixed home refinance loan starts at a rate of 3.625% and it’s coupled with an APR variable of 3.86%. The shorter-term 15-year fixed home refinance loan is up for grabs at 2.875% and it’s accompanied by an annual percentage rate of 3.29%.
Refinance mortgage loans, which are insured by the FHA can also be found among Quicken Loans’ loan options. Currently, the 15-year fixed FHA mortgage is listed at 2.75%. The corresponding APR figure is 3.741%.
The Detroit-headquartered lender is offering the 7/1 adjustable rate at 3.125%, which is coupled with an APR variable of 3.285%.
Further information on U.S. Bank’s and Quicken Loans’ current mortgage rates and APRs can be found on the lenders’ websites.