Regional U.S. financial institution, Fifth Third Bank (NASDAQ:FITB) disclosed the updated mortgage information for its conventional loans on Tuesday, March 10. Detailed information on 30-year and 15-year conventional mortgage loans, discount points and annual percentage rates (APRs) are listed below. Fifth Third Bank 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 financial institution.
Fifth Third Bank Refinance Rates
30-Year Fixed Mortgage: 4.000%, 4.115% APR
20-Year Fixed Mortgage: 3.875%, 4.000% APR
15-Year Fixed Mortgage: 3.25%, 3.391% APR
10-Year Fixed Mortgage: 3.25%, 3.35% 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.
Mortgage-buyer, Freddie Mac reported last Thursday, that the average rate on the 30-year fixed mortgage sank to 3.75% from the former 3.8%. In addition, the interest rate on the shorter-term 15-year fixed loan decreased to 3.03% last week. Previously this type of mortgage loan averaged a rate of 3.07%, according to the firm.
A different company, Bankrate also published its weekly mortgage survey, which revealed that the interest rate on the 30-year conventional loan drifter higher to 3.93% last week. The interest rate on the shorter-term, 15-year mortgage rose by 1 basis point to 3.16%, according to the the latest data. The interest rate on the 5/1 adjustable rate mortgage surged in the company’s survey, this type of loan is now hovering at 3.28%.
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 take a visit to the lender’s website.