Major U.S. lender, PNC Bank (NYSE:PNC) disclosed the updated mortgage information for its conventional loans on Thursday, June 11. Updated information on 30-year and 15-year conventional mortgage loans, discount points and annual percentage rates (APRs) are discussed below. This lender has been offering attractive 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 loan solutions at this lender.
PNC Bank Home Purchase Rates
30-Year Fixed Mortgage: 4.125% – 4.375%, 4.271% – 4.395% APR
20-Year Fixed Mortgage: 3.875% – 4.125%, 4.104% – 4.181% APR
15-Year Fixed Mortgage: 3.125% – 3.500%, 3.445% – 3.530% APR
10-Year Fixed Mortgage: 2.875% – 3.375%, 3.390% – 3.443% APR
The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000. The property is located in Chicago, IL. The interest rate reflects a 30 day rate lock period. 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.
PNC Bank Refinance Rates
30-Year Fixed Mortgage: 4.250% – 4.500%, 4.396% – 4.519% APR
20-Year Fixed Mortgage: 4.000% – 4.250%, 4.243% – 4.290% APR
15-Year Fixed Mortgage: 3.250% – 3.750%, 3.606% – 3.779% APR
10-Year Fixed Mortgage: 3.125% – 3.625%, 3.587% – 3.665% APR
The rate information provided assumes the purpose of the mortgage loan is to refinance an existing mortgage with a loan amount of $200,000. The property is located in Chicago, IL. The interest rate reflects a 45 day rate lock period. 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 this week, that the interest rate on the 30-year fixed loan surged to 4.04% from the previous 3.87%. On the other hand, the interest rate on the shorter-term 15-year fixed loan climbed to 3.25% this 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 conventional loan increased to 4.15% this week. The interest rate on the shorter-term, 15-year mortgage rose at 3.39%, according to the survey. The interest rate on the 5/1 ARM shot up in the company’s latest survey, this type of loan is now standing at 3.24%.
For more details on the latest home purchase and refinance mortgage interest rates at PNC Bank, as well as information on borrowing terms and conditions and loan assumptions, please check the financial institution’s website.