The best 30 year loan interest rates at Suntrust Banks (NYSE:STI) have been quoted at 4.375% and APR of 4.4853% today. The FHA version of the 30 year loans are coming out at 4.000% yielding an APR of 5.6770%. Popular 15 year FRM interest rates start at 3.300% and an APR of 3.5109%.
5/1 Adjustable Rate Mortgages are being offered for 3.200% at Suntrust with a starting APR of 3.0908% which will change as interest rates adjust. 7 year ARM interest rates are available starting at 3.750% carrying an APR of 3.3954%.
The bigger picture
The rates published for mortgages are driven by loan packages traded by banks as securities which are dependent on the stock market. Overall markets went down by the end of trading today putting the DOW at 15,337.70 a decrease of -113.35.
Rates at Suntrust tracked with the stock market direction. More specifically, the banks stock price moved higher to 34.91 up +0.53.