SunTrust 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 October 12, 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 quoted by SunTrust at 4.250% interest with 0.013 discount points and an annual percentage rate (APR) of 4.3565%. The shorter-term 15-year fixed rate home purchase loan is listed at a mortgage rate of 3.250%, comes with 0.029 discount points. The corresponding APR figure is 3.4344%.
Switching to FHA loans, the 30-year fixed rate FHA-backed loan can be secured at 4.00%. This type of loan comes with 0.244 discount points and features an APR of 5.6429%.
The 30-year fixed home mortgage with a jumbo balance is offered by the lender at 4.625% interest and 0.001 discount points, yielding an APR of 4.7234%.
SunTrust also offers adjustable rate loans (ARMs) for interested customers. These loans 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 advertised at a rate of 2.900% and 0.070 discount points and an overall APR of 2.9868%. The 7/1 ARM alternative can be locked in at a rate of 3.400%. The loan package bears 0.239 discount points and an effective APR of 3.2454% as of Saturday.
For more details on SunTrust's latest home purchase mortgage rates, please see the lender's website.
