Connect with us

Current Mortgage Rates: Bank of America, US Bank, SunTrust Mortgage Rates on Wednesday, May 11

Economy

Current Mortgage Rates: Bank of America, US Bank, SunTrust Mortgage Rates on Wednesday, May 11

current mortgage rates

This week, mortgage rates officially hit three-year lows with average rates between 3.5% and 3.625% for conventional 30-year fixed mortgages. This gives buyers nearly 6% more purchasing power than they had at the end of 2015. Lenders have become more risk-averse, however, which means only the most well-qualified buyers will secure the lowest rates.

Bank of America Mortgage Rates

The best rate today at Bank of America for the benchmark 30-year fixed home loan is 3.875% with an APR of 3.962%. Bank of America advertises the popular 15-year fixed mortgage at 2.750% with a 2.932% APR. Buyers who want greater flexibility and the lowest possible mortgage payment can lock into a 5/1 ARM at 3.000% for the first five years. A 7/1 adjustable rate mortgage is quoted with the same 3.000% interest rate for the first seven years.

Refinance rates at Bank of America have fallen slightly and are now in line with purchase rates. Homeowners can lock into a 30-year fixed refi loan at 3.875% with an APR of 3.982%. The more popular 15-year refinance mortgage is quoted at 3.000% with an APR of 3.239%. Homeowners can lock into a 5/1 refi ARM or 7/1 refi ARM at 3.000% to start.

Today’s Mortgage Rates at US Bank

US Bank advertises the standard 30-year fixed conforming mortgage with an interest rate of 3.750% on Wednesday and a 3.821% APR. A 15-year fixed home loan is quoted at 3.500% with an APR of 3.597%. Buyers can lock into a 30-year FHA mortgage at 3.500% with a 4.555% APR. The 30-year VA mortgage is quoted at the same 3.500% interest rate with a lower APR of 3.833%. US Bank offers the 30-year fixed jumbo loan with an interest rate of 3.750%, the same as the conforming loan rate, with a lower APR of 3.771%.

Buyers interested in the lowest possible mortgage payment can secure a 5-year adjustable rate mortgage at 2.625% for the first five years with a starting APR of 3.099%. The 10-year ARM is advertised at 3.125% for the first ten years.

US Bank does not factor discount points into its advertised mortgage rates. You can purchase discount points at closing for a lower rate.

Wednesday’s Rates at SunTrust

Mortgage interest rates at SunTrust have slipped slightly this week. The benchmark 30-year fixed conforming loan is advertised with a 3.490% interest rate and an APR of 3.669%. The shorter-term 15-year mortgage is quoted with a 2.750% interest rate and an APR of 3.024%. Buyers can lock into a 30-year FHA mortgage at 3.250% with a 4.415% APR. The 30-year fixed VA loan is advertised at 3.300% with an APR of 3.565%. SunTrust offers the 15-year VA mortgage at 2.750% today with an APR of 3.181%.

For buyers who want an adjustable rate loan for the flexibility and savings, SunTrust offers a 5/1 ARM at 2.750% for the first five years. A 7/1 adjustable rate mortgage is quoted with a 2.990% interest rate to start.

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.

Continue Reading

Christine Layton is an editor and freelance writer in Nevada with a passion for American finance. She covers mortgage and business news for US Finance Post.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top