Regional U.S. mortgage loan provider, Fifth Third Bank (NASDAQ:FITB) disclosed the updated mortgage information for its conventional loans on May 18, 2015. Updated details on 30-year and 15-year conventional mortgage loans, discount points and annual percentage rates (APRs) are discussed below. Fifth Third Bank has been providing excellent 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 loan, may find some suitable mortgages at this bank.
Fifth Third Bank Refinance Rates
30-Year Fixed Mortgage: 3.875%, 4.042% APR
20-Year Fixed Mortgage: 3.875%, 3.979% APR
15-Year Fixed Mortgage: 3.25%, 3.37% APR
10-Year Fixed Mortgage: 3.125%, 3.244% 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, said last week, that the average rate on the 30-year fixed mortgage soared to 3.85% from the previous 3.80%. On the other hand, the average rate on the shorter-term 15-year fixed loan climbed to 3.07% during the past week. A week earlier this type of mortgage loan was hovering at a rate of 3.02%, according to the organization.
Bankrate also disclosed its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan increased to 4.01% during the past week. The interest rate on the shorter-term, 15-year mortgage ticked up at 3.22%, according to the survey. The interest rate on the 5/1 ARM drifted lower in Bankrate’s latest survey, this type of mortgage is now coming out at 3.17%.
For further details on the latest mortgage interest rates at Fifth Third Bank, as well as information on borrowing terms and conditions and loan assumptions, please visit the bank’s website.