SunTrust (NYSE:STI) has been serving up a veritable cavalcade of surprises over the course of the week so far, with seemingly unbeatable lows having been consistently beaten with even more dramatic reductions. Today once again appears to have brought much of the same, with the very best home purchase mortgage rates from SunTrust once again having slid to incredible lows the likes of which even the most experienced industry analysts couldn’t have predicted.
Beginning with the most popular and sought-after mortgage deals of all, SunTrust is today offering the 30 year fixed rate deal for a daily low of 3.875% and an APR of 4.0305%, while the shorter 15 year package can see balances cleared for a fixed rate of 3.375% and APR of 3.6108%.
Borrowers looking to buy a new or use home with the FHA version of the 30 year fixed rate loan can expect to find an interest rate of 3.625% and an APR of 4.7528%, while the 30 year fixed rate Jumbo loan is being advertised at a daily low of 4.750% and an APR amounting to 4.8711%.
Many of the most popular adjustable rate home refinance loans on offer from SunTrust are following similar lines, with today bringing the Agency 7/1 ARM to a new low of 3.125% to begin and an APR of 3.2999% variable. The Agency 5/1 ARM is also likely to garner extensive attention, at a daily low of 2.990% to begin and an APR amounting to 3.2288% variable.
An increasingly promising job market in the US and a potential way forward for the debt crisis in Europe had been predicted as likely to see a slow but steady increase in US mortgage rates, as investor interests began to shift. However, this has so far proved not to be the case, though exactly what the rest of the week has to bring remains to be seen.