U.S. Bank (NYSE:USB) is a major mortgage lender in the country, which provides a number of loans for borrowers, who are able to meet the bank’s credit standards. The financial institution updated its mortgage interest rates for March 24, 2015, which are listed below.
With regards to popular fixed loans are concerned, we can find the long-term 30-year fixed rate home mortgage, which presently has an opening rate of 3.875% at this lender and carries an annual percentage rate of 3.946%. The shorter-term, 15-year fixed conforming home loan is advertised at a rate of 3.125% and an APR variable of 3.249% completes the deal.
Lower down payment is one of the conditions that makes FHA-insured mortgages attractive options for borrowers. At U.S. Bank the 30-year fixed rate FHA loan package is listed at a rate of 3.625% while the corresponding APR is coming out at 5.179%.
Shifting to U.S. Bank’s VA mortgage deals, the 30-year fixed VA loan could be interesting for certain borrowers, as it’s up for grabs at 3.625% as of Tuesday. The APR variable stands at 3.960%.
With regards to the latest non-conventional mortgage packages, the 30-year fixed jumbo loan is listed at a rate of 3.750%. In case of the APR, it hovers at 3.820%. Shorter-term jumbo loans are also available, including the 15-year jumbo mortgage, which has an opening rate of 3.625%. The corresponding APR variable is 3.750%.
The 5-year adjustable rate home loan, which is a more flexible type of loan package in terms of interest rate compared to fixed conventional loans, starts at 2.750% and has an APR of 2.980%. The 3-year version of this loan package may pique some interest from potential customers as it can be obtained at 2.875% and the loan’s APR stands at 3.040%.
U.S. lender, Quicken Loans is the biggest online retail mortgage provider in the United States. The company provides home refinance loans for qualified borrowers customers, among its other financial services. Under Quicken Loans, the 30-year fixed rate home refinance mortgage package is available at an interest rate of 3.75% and an APR of 3.944%, according to the latest data. The shorter-term 15-year fixed rate home refinance loan is offered at an interest rate of 2.99% and a corresponding 3.369% APR.
Mortgage loans, which are backed by the FHA can also be found among Quicken Loans’ loan options. As of Tuesday, the 15-year fixed FHA mortgage is quoted at 2.875%. The corresponding APR figure is 3.887%.
At Quicken Loans the 7/1 ARM home refinance loan carries 3.125% in interest. The corresponding APR stands at 3.296%.
Further details on the lenders’ current mortgage rates and APRs, as well as information on borrowing terms and conditions can be found on the their websites.