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.