SunTrust Bank (NYSE: STI) offers retail and commercial banking services. The lender’s home purchase interest rates stated below require a 60-day lock-in period on the loan whose proceeds are to be used for the purchase of single-family owner-occupied properties. The loan-to-value ratio must be 80% or lower and 1.000% of the total loan amount must be paid in origination fees. The lender’s latest mortgage interest are updated for October 18, 2013.
The 30-year fixed rate conventional home loan is quoted by SunTrust at 4.125% with 0.100 discount points and an annual percentage rate (APR) of 4.2381%. The shorter-term 15-year fixed rate home purchase loan is quoted at a rate of 3.200%, it comes with 0.002 discount points and translates to an overall APR of 3.3802%.
The bank offers loans that are insured by the Federal Housing Administration (FHA) for borrowers with low credit scores. The 30-year fixed rate FHA-backed mortgage loan comes with a rate of 3.800% and 0.278 discount points. This type of mortgage package bears an effective APR of 5.4426%.
As of Friday, the lender’s 30-year fixed conventional home loan with a jumbo balance is offered at 4.490% interest and 0.148 discount points, yielding an APR of 4.6004%.
Adjustable rate mortgage loans can also be found at this bank. These feature a fixed interest rate period for a specified number of years. After that, the interest rate is adjusted to reflect current interest rates during the reset schedule.
SunTrust’s 5/1 ARM bears 2.800% in interest, 0.090 discount points and an overall APR of 2.9536%. The 7/1 adjustable rate loan can be had at 3.300% and 0.232 discount points. The corresponding APR figure is 3.1977%.
For more information on SunTrust’s current mortgage rates, as well as borrowing terms and conditions, please check the lender’s website.