SunTrust (NYSE:STI) is following suit with the other major US lenders today, offering a wide range of highly attractive mortgage deals with some superbly low APRs. It may be true across many examples that the rates have crept up slightly when compared to the record lows of a week or so ago, but when compared to the averages over the past 60 years, today’s deals are still rather stunning.
For those looking into new or used home purchase, 30 year fixed term deals are today being offered by SunTrust for 4.125% with a resulting APR of 4.238%, while the equally popular and valuable 15 year fixed term deal is today being advertised for 3.375% with an APR of 3.585%.
Agency 7/1 ARM terms for purchase are now being offered for 3.125% with an APR of 2.778% to begin, while the 5/1 ARM alternative can be taken out for 2.875% with an APR of 2.560% variable.
The next few weeks look to be particularly interesting and important times for the US housing market, as the fourth month of consecutive housing price rises seems to suggest that things may be heading back in the right direction. However, the national averages are still dangerously low and below those of last year, therefore it remains to be seen exactly how the trend continues and how the market is affected as a result.