Current Mortgage Interest Rates – SunTrust, PNC and Bank of America make changes

alt text

(Best Syndication News) Mortgage rates fell across the board today with conventional loans hitting near 4.75% (see rate comparison chart below).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell three basis points to 4.752 percent today. This is the average conventional loan rate, not including FHA and VA financing.

SunTrust lowered their conventional 30-year fixed mortgage rate one point to 4.81 percent. The bank also dropped their FHA loans 13 basis points to 5.07 percent. These loans are backed by the United States government. In the event of a default, the balance is paid off.

PNC lowered their rate one basis point to 4.84 percent. The bank also offers 20-year financing. That base rate fell one point to 4.70 percent.

Bank of America dropped their rate one basis point to 4.91 percent.

The rate will depend on several factors, including the location of the home, the loan amount and the credit score of the borrower. Check with the bank or a loan broker to determine specific rates in your locale.

15-Year FRM and 5/1 ARM

The average 15-year fixed loan fell two points to 4.148 percent. These loans have a shorter term, lower interest schedules but higher payments.

SunTrust dropped their rate eight basis points to 4.11 percent.

The average 5-year adjustable rate mortgage (ARM) fell one point to 3.181 percent. These loans are popular because they afford low initial payments. This made qualifying easier, but since the burst of the real estate bubble, they aren’t that easy to qualify for.

Jumbo Loan Rates

Jumbo loans exceed the maximum allowed by Freddie Mac and Fannie Mae. These two government service enterprises buy-up mortgages from banks, helping free-up funds.

The average 30-year jumbo mortgage rate fell one basis point to 5.234 percent.

By John Waters
Business Reporter

Best Syndication News Mortgage Survey
Monday 1 Day 5 Day 30 Day 100-Day 1 Week
05/02/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.752% Average 30 yr fixed -3 -8 -18 4 4.82%
4.148% Average 15 year FRM -2 -12 -8 -4 4.25%
3.181% Average 5/1 ARM -1 -4 -8 -6 3.22%
5.234% 30 Yr Fixed Jumbo -1 -12 -5 7 5.33%
4.336% 15 Yr Fixed Jumbo -1 -13 -13 1 4.44%
5/2/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.81% 30 Yr Fixed Conventional -1 -9 -6 19 4.88%
4.11% 15 Yr Fixed Conventional -8 -24 -10 11 4.29%
5.64% 30 Yr Jumbo Fixed 0 -10 -10 12 5.71%
2.65% Agency 5/1 ARM 30 Yr -1 -4 -51 -48 2.68%
2.97% Agency 7/1 ARM 30 Yr 0 -5 -41 -30 3.00%
5.07% 30 Yr FHA - Fixed -13 -18 -26 25 5.23%
5/2/11 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 1 Week
3.88% 10 Year Fixed -7 -4 15 -64 3.94%
4.06% 15 Year Fixed -2 -8 0 -44 4.12%
4.70% 20 Year Fixed -1 -7 -14 -52 4.76%
4.84% 30 Year Fixed -1 -4 2 -16 4.88%
Certain Areas
3.80% 10 Year Fixed -3 -15 0 -98 3.94%
4.18% 15 Year Fixed 0 -11 2 -92 4.24%
4.71% 20 Year Fixed -1 -11 -11 -99 4.81%
4.96% 30 Year Fixed 0 -13 0 -40 5.06%
05/02/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.91% 30-Year Fixed Rate -1 -9 -9 42 4.98%
4.14% 15-Year Fixed-Rate 0 -15 -13 18 4.26%
3.25% 5/1 ARM Rate 0 -3 -7 7 3.27%
Certain Areas
4.888 30-Year Fixed Rate -1 -5 -4 40 4.92%
4.147 15-Year Fixed Rate 1 -13 -12 18 4.22%
3.33 7/1 ARM -1 -6 -11 -11 3.37%
3.144 5/1 ARM 0 -3 -17 -3 3.16%
* Average includes more banks than listed
Share/Save/Bookmark

      

Post to Facebook

Important: The material on Best Syndication is for informational purposes only and is not meant to be advice. Authors may have or will receive monetary compensation from the company's product/s mentioned. You should always seek professional advice before making any legal, financial or medical decisions and this website cannot substitute or replace any trained professional consultation.
Use of this site means that you agree to our TERMS OF SERVICE

Advertise On This Site
Copyright © 2006-2015 By Best Syndication All Rights Reserved