U.S. financial institution, Fifth Third Bank (NASDAQ:FITB) updated its mortgage information for Thursday, June 11, which is discussed below. Fifth Third Bank has been advertising attractive interest 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 ideal loans at this lender.
Fifth Third Bank Refinance Rates
30-Year Fixed Mortgage: 4.125%, 4.262% APR
20-Year Fixed Mortgage: 4.125%, 4.241% APR
15-Year Fixed Mortgage: 3.5%, 3.601% APR
10-Year Fixed Mortgage: 3.375%, 3.486% 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.
Government-sponsored housing firm, Freddie Mac reported on Thursday, that the average rate on the 30-year fixed mortgage escalated to 4.04% from the previous 3.87%. Meanwhile, the interest rate on the shorter-term 15-year fixed loan drifted higher to 3.25% during the week. A week earlier this type of mortgage loan averaged a rate of 3.08%, according to the housing giant.
A different company, Bankrate also released its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage headed higher to 4.15% during the week. The interest rate on the shorter-term, 15-year mortgage rose at 3.39%, according to the the latest data. The current rate on the 5/1 ARM ticked up in Bankrate’s latest survey, this type of loan is now hovering at 3.24%.
For additional 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.