30 year loan interest rates have been offered at 4.375% at Suntrust Banks (NYSE:STI) carrying an APR of 4.4853% today. 30 year FHA fixed rate mortgage interest rates at the bank have been offered at 4.000% yielding a bit higher APR than the conventional loan of 5.6770%. 15 year loans are on the books at 3.300% yielding an APR of 3.5109% today.
ARMs in the 5 year category at Suntrust are 3.200% and an APR of 3.0908%. ARMs and their APRs change as interest rates move up and down. The 7/1 ARMS are listed at 3.750% today with an APR of 3.3954%.
How are the mortgage rates connected to the stock market?
Big bank interest rates sometimes change because of a set of mortgage related securities that go up and down with the markets. Overall markets fell today putting the DOW at 15,337.70.
For today the bank took the lead of the securities markets. Now Suntrust’s stock price rose to 34.91 up +1.54%.