Lawsuits against banks and financial institutions are one of the primary incidents that rapidly affect the interest rates. A perfect example of this case is the latest suit filed against the US Bank Crop (NYSE: USB) for holding Peregrine’s stolen funds. Though not considerably, this news did have an impact on the standard 30 year fixed mortgage interest rates at the US Bank Corp on November 7, 2013.
The US Bank Crop today quoted its best 30 year fixed rate mortgages at an interest rate of 4.500%, along with an APR yield of 4.673%. The shorter and popular, 15 year fixed rate mortgages have been published at a rate of 3.500% and an APR yield of 3.811% in the bank’s loan book on 7 November 2013. The bank also provides a relatively lower tenure, 10 year FRMs also, which are now quoted at a rate of 3.375% and an APR of 3.823%.
Of all the impressive loan schemes provided by the US Bank Corp, its Jumbo loans are the ones that make it popular among the borrowers. The bank, today, listed its 30 year Jumbo fixed rate mortgage loans at a rate of 4.625%, yielding an APR of 4.777%. The bank also provides a relatively short-term, 15 year Jumbo FRMs at 3.7505 and yield an annual percentage rate of 4.008%.
There are some people who cannot obtain mortgage loans due to poor credit score or low bank balances for down payment. US Bank Corp caters to the needs of such people by offering the FHA versions of the 30 year fixed rate mortgages at a rate of 4.375%, accompanied by a higher APR of 4.879%. The 15 year FHA versions of the fixed rate mortgage plans are also up for grabs at a rate of 4.000% and carry an APR yield of 4.565%.
The VA variants of the 30 year FRMs are listed at a rate of 4.500% in the bank’s loan portfolio and carry an APR of 4.846%. The borrowers looking for 15 years VA fixed rate mortgages can avail the mortgage by bearing an interest rate of 4.000% and an APR yield of 4.721%.
US Bank Corp also deals with the financial needs of those looking for more flexible options by providing the 3/1 adjustable rate mortgages at a rate of 2.250%, carrying an APR yield of 3.261%. The 5 year variable ARMs are also listed in the loan portfolio and can be acquired at a rate of 2.625% and an APR of 3.250%.
The minor movement in the mortgage rates can be due to the recent lawsuit filed against the bank for unlawfully holding the funds of Peregrine as a security for unrelated mortgage loans. The CEO of Peregrine has been proven guilty of stealing $215 Million from his customers for over two decades and has been sent to prison to serve a period of 50 years.
Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.
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