Mortgage Rates Update: SunTrust Jumbo and FHA Mortgage Rates for April 23, 2015

Today's Mortgage RatesNorth American mortgage lender, SunTrust (NYSE:STI) published the updated home loan rate information for April 23, 2015, which can be found below.

Take note, that the lender’s mortgage interest rates are subject to change without prior notice and may vary upon loan approval or actual disbursement of funds. With the exception of loans insured by the Federal Housing Administration (FHA) for borrowers with low credit scores, the mortgage rate quotes are given assuming the borrower has strong financial standing. Moreover, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.

Currently, the 30-year conventional home loan product is offered by SunTrust at a rate of 3.625%. This long-term home loan carries an annual percentage rate of 3.8137% and 0.430 discount points. Mortgage shoppers, who are interested in the 15-year FRM, will see the mortgage interest rate hovering at 2.990%. This type of mortgage product features 0.133 discount points and an APR figure of 3.2719% rounds out the package.

Non-conventional loan options include the 30-year fixed rate FHA-backed mortgage, which is published at a rate of 3.375%. This type of loan features 0.029 discount points and bears an APR variable of 4.5365%.

Furthermore, home mortgages, which come with loan amounts that exceed conforming loan limits can be found under the Atlanta-based lender’s portfolio. The 30-year fixed rate home loan with a jumbo balance is up for grabs at an interest cost equivalent to 3.875%. The loan package has 0.513 discount points and an annual percentage rate of 4.0408%, according to our observations.

Besides fixed rate conventional loans, the bank provides adjustable rate mortgages (ARMs) as well. Under its mortgage loan program, SunTrust offers the flexible Agency 5/1 ARM at a rate of 2.700%. The aforementioned flexible home loan comes with 0.067 discount points and an APR figure of 3.0492%. Mortgage shoppers, who opt for the Agency 7/1 ARM, can expect to pay 2.900% in interest. The mortgage loan is accompanied by 0.257 discount points and an APR figure of 3.1264%.

For additional details on the lender’s most up-to-date home loan options, as well as information on borrowing terms and conditions, please see SunTrust’s website or contact a loan officer in charge.

Freddie Mac, which is based in McLean, VA, said this week, that the average rate on the 30-year fixed mortgage decreased to 3.65% from the previous 3.67%. Meanwhile, the interest rate on the shorter-term 15-year fixed mortgage declined to 2.92% this week. A week earlier this type of mortgage loan was hovering at a rate of 2.94%, according to the firm.

Bankrate also released its weekly mortgage survey, which revealed that the interest rate on the 30-year conventional loan stayed firm at 3.79% this week. The interest rate on the shorter-term, 15-year mortgage has been unchanged at 3.03%, according to the survey. The interest rate on the 5/1 adjustable rate mortgage increased in Bankrate’s survey, this type of mortgage is now coming out at 3.09%.