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FHA Mortgage Rates and Home Loans Today: SunTrust Mortgage Interest Rates for July 23


By Elizabeth Atkins | 23 July 2013

FHA Mortgage Rates and Home Loans Today: SunTrust Mortgage Interest Rates for July 23SunTrust Banks, Inc. (NYSE: STI) performs its banking operations through SunTrust Bank, which provides home purchase mortgages for borrowers. The bank’s latest mortgage interest rates are updated for July 23, 2013.

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. Other than the FHA-insured loans, the mortgage rate quotes given assume that the borrower has strong credit standing and is willing to pay 1.00% of the total loan amount in origination fees. In addition, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.

The 30-year fixed rate home purchase loan is advertised by SunTrust at 4.490% interest with 0.068 discount points and an annual percentage rate (APR) of 4.6028%. The shorter-term 15-year fixed rate home purchase loan is quoted at a mortgage rate of 3.490%, comes with 0.140 discount points and translates to an overall APR of 3.6920%.

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The 30-year fixed rate FHA-backed mortgage deal is coming out at 4.300% and 0.233 discount points, amounting to an effective APR of 5.9471%.

Adjustable rate mortgages (ARMs) are also available under this bank, as 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.

The 5/1 ARM home purchase loan is offered at a mortgage rate of 3.490% and 0.087 discount points and an overall APR of 3.1960%. The 7/1 ARM alternative can be had at an interest rate of 3.800% and 0.104 discount points, for an effective APR of 3.4249%.

For information on borrowing terms and conditions, as well as details on other mortgage loan options, please visit the lender’s website.

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