After moving higher for the last two weeks, mortgage rates reversed course on Thursday and fell back to almost yearly lows after the Federal Reserve expressed concerns about the economy. According to Bankrate.com, which releases a weekly mortgage rate trend index, half of mortgage experts surveyed believe rates will fall in the next week and one-third believe they will stay unchanged. The average rate for the conventional 30-year fixed mortgage on Thursday fell to 3.61% with an average 0.6 point.
Wells Fargo Mortgage Rates
Wells Fargo advertises the conforming 30-year fixed-rate loan with an interest rate as low as 3.750% on Thursday with a 3.810% APR. The FHA loan is published with the same rate and a 4.758% APR. A 30-year fixed VA mortgage is quoted at 3.375% today with an APR of 3.662%. Buyers can lock into the popular 15-year fixed home loan at 3.000% with an APR of 3.105%. Wells Fargo advertises a 5/1 ARM as low as 3.000% to start and a 7/1 adjustable rate loan with a starting interest rate of 3.250%.
The best rate for a 30-year jumbo loan at Wells Fargo is 3.500%, lower than the conforming rate, with a 3.506% APR. A 15-year fixed jumbo mortgage is advertised at 3.250%.
Homeowners will find refi rates are slightly higher. The best rate for a 30-year refi loan is 3.875% today with a 3.912% APR. A 15-year refinance mortgage is published at 3.125% with an APR of 3.189%. A 5/1 refi ARM is quoted at 3.125% to start. Homeowners can lock into a 30-year jumbo refinance at 4.000% with an APR of 4.006%.
Mortgage Rates at US Bank
The best interest rate for a conforming 30-year mortgage at US Bank on Thursday is 3.750% with a 3.821% APR. A 15-year fixed-rate mortgage is published at 3.500% today with an APR of 3.597%. Buyers can lock into a 5-year ARM at 2.625% to start, the lowest mortgage interest rate available today at US Bank. A 10-year adjustable rate mortgage is quoted with a starting interest rate of 3.125%.
US Bank advertises the 30-year FHA mortgage at 3.500% today with a 4.555% APR. A 30-year VA loan is published at the same 3.500% interest rate with a lower APR of 3.833%. A 30-year jumbo mortgage is offered as low as 3.750% with a 3.771% APR.
Note: US Bank does not factor mortgage discount points into its quoted rates. You can secure a lower rate than advertised by purchasing discount points at closing.
Best Mortgage Rates at SunTrust
SunTrust has updated its mortgage rates for Thursday, May 5. A 30-year fixed conforming mortgage is published at 3.490% today with a 3.675% APR. A 15-year fixed home loan is available with an interest rate as low as 2.800% with an APR of 3.062%. SunTrust advertises a 5/1 adjustable rate loan with a starting interest rate of 2.750% and a 3.390% APR. A 7/1 agency ARM is quoted at 2.990% to start with 1.253 discount points.
Buyers can secure a 30-year VA loan at 3.300% today with a 3.572% APR. SunTrust quotes the 15-year VA mortgage at 2.875% on Thursday with a 3.269% APR. Buyers can lock into a 30-year fixed FHA home loan with an interest rate of 3.250% and a 4.423% APR. A 30-year jumbo home loan is quoted at 3.625% today with an APR of 3.762%.
The interest rates mentioned within the article are subjected to change without any guarantee and are up-to-date at the time of publishing of the article. For the latest interest rates, make sure to check the current values.