30 year loan deals at Suntrust Banks (NYSE:STI) are listed at 4.375% yielding an APR of 4.4853% today. The FHA 30 year loans are published at 4.000% with a rather higher APR of 5.6770%. The shorter term 15 year fixed rate loan interest rates start at 3.300% today yielding an APR of 3.5109%.
The 5 year ARM interest rates at Suntrust start at 3.200% yielding an APR of 3.0908% at the beginning of the loan. The 7 year ARM deals have been published at 3.750% today carrying an APR of 3.3954%.
How are the mortgage rates connected to the stock market?
Loan rates usually go up and down with mortgage related bond prices which are dependent on the stock market. Wall street declined today putting the DOW at 15,337.70.
Mortgages at Suntrust took the lead of the Wall Street direction. And now, the banks stock price moved higher to 34.91 up +0.53.