U.S. Bank, which is top mortgage lender is operated by U.S. Bancorp (NYSE:USB). The bank, which is headquartered in Minneapolis, provides loan options for home purchase and refinancing purposes. The mortgage interest rates supplied below assume that the borrower has strong credit standing. The bank’s latest mortgage rates are updated for February 14, 2014.
First, looking at standard, conventional home loans, U.S. Bank advertises the 30-year fixed mortgage at a rate of 4.500%. The loan package features an annual percentage rate (APR) of 4.564%. A shorter-term option is the 15-year FRM, which currently demands 3.500% in interest. The corresponding APR is coming out at 3.609%.
Lower down payment is one of the conditions that makes Federal Housing Administration (FHA)-insured loans attractive options. At this lender the 30-year fixed rate FHA mortgage is published at a rate of 4.125% while the loan’s APR is set at 4.618%.
Moving on to other non-conventional loan offerings, the 30-year fixed rate VA mortgage can be secured today at a rate of 4.125%. The corresponding annual percentage rate is 4.463%, according to the latest data from the lender. In case of the shorter, 15-year VA mortgage, the current mortgage rate hovers at 3.625% and the loan package includes an APR variable of 4.212%.
Under U.S. Bank, the 30-year fixed jumbo mortgage is quoted at 4.125% on Friday, February 14. The APR, which shows the interest and additional costs of the loan at a yearly rate, is set at 4.198%. A shorter-term, non-conforming loan alternative, the 15-year jumbo mortgage, is up for grabs at a rate of 4.000%. The annual percentage rate hovers at 4.110%, the lender’s data revealed.
Customers who need more flexibility in terms of interest rates may want to use the adjustable rate mortgage (ARM) options from U.S. Bank. These come with a fixed interest rate period then the rate is adjusted depending on prevailing market conditions.
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 2.875% and has an APR of 2.933%. The 3-year version of this loan package may pique some interest from potential customers as it can be obtained at 2.500% and the loan’s APR stands at 2.850%.
Another U.S. lender, Quicken Loans, is the biggest online retail mortgage provider in the United States. The lender offers refinance mortgage loans for interested customers, among its other financial services.
On Friday, Quicken Loans advertises the benchmark 30-year FRM at a rate of 4.375% and the package bears an annual percentage rate of 4.621%. The 15-year fixed refinance loan looks attractive as well, with the interest rate hovering at 3.375% and the APR is coming out at 3.777%.
Among the lender’s FHA loan solutions we can find the 15-year fixed FHA mortgage, which can be locked in at 3.25%. The loan is coupled with an APR figure of 4.134%.
At the Detroit-based mortgage provider the 7/1 adjustable rate mortgage may fit some borrowers needs, as it’s published at a rate of 3.25% and has an annual percentage rate of 3.208%.
More details on U.S. Bank’s and Quicken Loans’ current mortgage interest rates, can be found on the their websites.