Regional U.S. financial institution, Fifth Third Bank (NASDAQ:FITB) disclosed the updated mortgage information for its conventional loans on March 14, 2015. Detailed information on 30-year and 15-year refinance mortgage loans, discount points and annual percentage rates (APRs) are listed below. Fifth Third Bank has been offering excellent mortgage rates under both its home purchase and refinance loan programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some suitable mortgage products at this bank.
Fifth Third Bank Refinance Rates
30-Year Fixed Mortgage: 3.875%, 4.000% APR
20-Year Fixed Mortgage: 3.75%, 3.853% APR
15-Year Fixed Mortgage: 3.25%, 3.35% APR
10-Year Fixed Mortgage: 3.000%, 3.118% APR
The rate information provided assumes the purpose of the mortgage loan is to refinance an existing mortgage with a loan amount of $140,000. The interest rate reflects a 60 day rate lock-in period. Other assumptions include a minimum FICO score of 740, a maximum loan-to-value of 75%. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.
Please, note that the current mortgage interest rates above are only estimates. Mortgage rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions.
Freddie Mac, which is based in McLean, VA, announced this week, that the interest rate on the 30-year fixed loan grew to 3.86% from the previous 3.75%. Meanwhile, the average rate on the shorter-term 15-year fixed loan increased to 3.10% this week. Previously this type of mortgage loan was hovering at a rate of 3.03%, according to the housing giant.
Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage increased to 3.97% this week. The interest rate on the shorter-term, 15-year mortgage grew by 2 basis point to 3.18%, according to the survey. The current rate on the 5/1 adjustable rate mortgage improved in Bankrate’s survey, this type of loan is now standing at 3.23%.
For more details on the latest mortgage interest rates at Fifth Third Bank, as well as information on borrowing terms and conditions and loan assumptions, please see the financial institution’s website.