If you are locking in a new mortgage rate this week, keep an eye on the fiscal cliff. Good news on that front is sure to raise mortgage rates along with financial markets and bad news will probably serve to drop rates or at the very least to keep them down. If you are an optimist about congress’s ability to get something done today, then today would be a good day to lock in.
The benchmark 30 year FRMs at Suntrust Banks (NYSE:STI) are being offered for 3.375% and APR of 3.481%. The FHA options for the 30 year loans have been listed at 3.200% and APR of 4.318%. The short term, popular 15 year loans have been quoted at 2.700% at the bank today and an APR of 2.885%.
The 5/1 Adjustable Rate Mortgages at Suntrust are listed at 2.300% and APR of 2.941%. The 7/1 ARM loans have been listed at 2.490% currently with an APR of 2.958%.
The benchmark 30 year loan interest rates start at 3.375% at Quicken Loans today yielding an APR of 3.596%. The short term 15 year fixed rate loans are on the books at 2.750% at the bank today carrying an APR of 3.089%.
7 year ARM loans are 2.500% currently yielding an APR of 3.053%.
Standard 30 year refinance loan interest rates at Quicken Loans have been offered at 3.375% yielding an APR of 3.596%. The shorter term, popular 15 year refinance loan interest rates at the bank stand at 2.750% and an APR of 3.089%. The 7/1 ARMS are on the books at 2.500% and the APR is 3.053%.