U.S. Bank (NYSE:USB) is a top U.S. mortgage loan provider, which offers several loan options for home purchase and refinancing. The bank’s mortgage interest rates listed below are valid for April 6, 2014. Take note, that the annual percentage rate (APR) calculations were based on closing costs and discount points, and the contract interest rates are subject to change without prior notice.
As far as long-term home purchase loans are concerned, the 30-year fixed rate mortgage carries 4.500% interest cost and bears an annual percentage rate of 4.564%. With regards to the 15-year FRM, it’s offered at a rate of 3.625%. The corresponding APR hovers at 3.734%, according to U.S. Bank’s data.
Customers who are looking to invest in a new or used home and considering to lock in a favorable FHA mortgage, should take a look at the Minneapolis-based lender’s 30-year fixed FHA mortgage, which bears 4.250% in interest and an APR of 4.750%. The shorter-term 15-year fixed FHA loan has an opening rate of 3.625% and the deal comes with 4.181% by way of annual percentage rate.
Federally backed VA mortgages are also available with the 30-year fixed VA loan hovering at 4.250% at this lender. The annual percentage rate, which shows the interest, mortgage insurance and additional costs of the loan, is published at 4.591%.
U.S. Bank offers non-conforming loans as well, for interested borrowers. According to today’s published data, the 30-year fixed rate jumbo mortgage has a daily low at 4.250%. The loan package features an APR figure of 4.313%. The 15-year jumbo alternative doesn’t look bad either, as the interest rate is coming out at 4.000%. As for the APR, it’s published at a rate of 4.110%.
Mortgage shoppers, 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 interest rates at the reset schedule for the rest of the loan’s duration.
With regards to the financial institution’s adjustable rate loans, the 5-year ARM home mortgage is up for grabs at an interest cost equivalent to 3.125%, whilst the the annual percentage rate stands at 3.021%. The 3-year version of this type of loan has an asking rate of 2.750%. The loan’s APR hovers at 2.906%.
Quicken Loans is an established mortgage provider headquartered in Detroit, which offers several type of mortgage loans for potential borrowers. Looking at current refinance rates at this lender, the 30-year mortgage loan is quoted at a rate of 4.375%. The corresponding annual percentage is quoted at 4.632%. Borrowers, who favor the shorter-term, 15-year fixed refinance loan, can expect to pay 3.375% in interest cost. The loan’s APR stands at 3.815%, the latest mortgage information revealed.
Just like at U.S. Bank, individuals can find a number of FHA loans on offer at Quicken Loans. The 15-year fixed FHA mortgage is advertised at a rate of 3.25%. The accompanying annual percentage rate is 4.173%.
The mortgage lender advertises the 7/1 ARM home refinance loan at 3.25%, which feature an APR variable of 3.218%.
For more information on these lenders’ current mortgage interest rates, please check their websites or contact the loan officers in charge.