U.S. Bank (NYSE:USB) is an established U.S. mortgage lender, which provides several mortgage loans for those borrowers, who are able to meet the bank’s credit standards. The lender updated its mortgage interest rates for Thursday, April 24, which are listed below.
With regards to fixed rate home purchase loans, U.S. Bank offers the 30-year conventional mortgage at a rate of 4.500%. The loan package features an annual percentage (APR) rate of 4.564%. A shorter-term option is the 15-year FRM, which currently demands 3.625% in interest. The corresponding APR is set at 3.734%.
Furthermore, individuals can find a number of FHA-backed mortgage loans at U.S Bank. The current mortgage rate on the 30-year fixed FHA loan is published at 4.250% and the loan features an APR figure of 4.750%.
Regarding U.S. Bank’s VA mortgage solutions, the standard 30-year fixed VA loan is up for grabs at an interest cost equivalent to 4.250% and it bears an annual percentage rate of 4.591%.
U.S. Bank advertises some jumbo loans as well, including the 30-year fixed jumbo mortgage package, which can be obtained at a rate of 4.250%. The corresponding APR hovers at 4.313%. With regards to the 15-year version of the lender’s jumbo loan, it can be secured at 4.000% and the loan is coupled with an annual percentage rate of 4.110%.
Borrowers, who need more flexibility in terms of interest rates may want to use the adjustable rate mortgage (ARM) options from U.S. Bank. These come with a fixed interest rate period then the rate is
adjusted depending on prevailing interest rates at the reset schedule for the rest of the loan’s duration.
The 5-year adjustable rate home loan, which is a more flexible type of loan package in terms of interest rate compared to fixed conventional loans, starts at 3.000% and has an APR of 2.977%. The 3-year version of this mortgage package may pique some interest from potential customers as it can be obtained at a rate of 2.750% and the loan’s APR stands at 2.906%.
Another lender, Quicken Loans, is the largest online retail mortgage provider in the United States. The company provides home refinance loans for qualified borrowers customers, among its other financial services. Currently, the standard 30-year fixed refinance loan has an asking rate of 4.25% and carries an annual percentage rate of 4.516%. The financial institution’s shorter-term, 15-year fixed mortgage is quoted at 3.375% and an annual percentage rate of 3.777% rounds out the deal.
Federal Housing Administration-backed loans are also offered by Quicken Loans. On Thursday, the 15-year fixed FHA mortgage is carrying a rate of 3.25%. The loan is coupled with an APR figure of 4.134%.
The lender also offers more flexible loan packages for home refinancing, including the 7/1 ARM, which demands 3.25% in interest. The APR, which shows the interest and additional costs of the loan at a yearly rate, is set at 3.208%.
For more information on U.S. Bank’s and Quicken Loans’ latest mortgage interest rates, please head over to the lenders’ websites or contact the loan officers in charge.