Even though US Bank Mortgage rates keep changing from time to time, everyone deserves to know the current rates. Well, here are all listed down below.
Understanding US Bank mortgage rates is quite important for those who plan to buy a house using the help of US Bank. As one of the biggest banks in USA, of course US Bank provides tons of loan programs. The rates for each loan program are different from time to time. Here is the current list.
US Bank Mortgage Rates for Fixed-Rate Mortgage and ARM
Fixed rate and the ARM (Adjustable Rate Mortgage) are still the popular types of loan people love to get. The list of its current US Bank mortgage rates for fixed and ARM loan can be found down below.
1. 30-year Fixed
One of the most important and popular mortgage loans from US Bank is the 30-year fixed rate. This loan is perfect for those who plan to stay in the home for decades, if not forever. For this type of loan, the current rate is 3.875% with APR (Annual Percentage Rate) 3.946%. That is one of the lowest US Bank mortgage rates available today.
2. 20-year Fixed
The fixed-rate mortgage loan can also be taken in shorter term of 20 years. As long as the borrower has agreed to put 5% down payment on the home, the loan is going to be approved. The current mortgage rate for 20-year fixed loan from US Bank is 3.750% and the APR is 3.848%.
3. 15-year Fixed
For those who have a great credit history and high credit score, they probably get offered to take the shortest term of fixed-rate loan, which is the 15 years term. The loan is going to get paid off quicker and brings lots more benefits for the borrowers. 15-year fixed mortgage loan has the rate at 3.375% and the APR is at 3.500%.
4. 10-year Fixed
The fixed rate loan from US Bank allows the borrowers to enjoy no interest-rate surprise. This 10-year fixed rate guarantees that the rate is going to remain the same for the entire decade. There will be no change at all in the US Bank mortgage rates. The current mortgage rate for 10-year fixed loan from US Bank is 3.623% and the APR 3.806%.
5. 10-year ARM
Adjustable Rate Mortgage of ARM is the type of loan with shortest term. The longest term is 10 years. This loan is perfect for those who do not have the plan to stay in the house for a long time. The current US Bank mortgage rates information for this type of loan is 4.875% with APR 4.852%.
6. 5-year ARM
If 10 years are considered too long, borrowers who are interested in ARM loan can take the 5 years term instead. It will bring several advantages, including lower monthly bill/ payment. The 15-year ARM mortgage loan currently has the rate at 4.000% and the APR is at 4.546%.
7. 3-year ARM
US Bank mortgage borrowers who want the loan to be over as soon as possible must choose this 3-year ARM mortgage loan. The loan is the shortest-term loan with shortest-term rate as well. It has the rate at 4.625% and the APR is at 4.810%.
US Bank Mortgage Rates for Other Types of Loan
Besides conventional (fixed) mortgage loan and the ARM, there are several other types of loan that US Bank provides. They are including government-backed loans and jumbo loan. The current US Bank mortgage rates for them are:
A. 30-year fixed-FHA
FHA loan is a government-backed loan awarded to those who really need to have a house. It requires a very low to no down payment. The current mortgage rate for 30-year fixed FHA mortgage loan from US Bank is 3.990% and the APR is 5.051%.
B. 15-year fixed-FHA
The FHA loan can be taken in shorter term of 15 years, too. Of course, it will be eligible for those who have more stability in their income and overall economic condition. For this type of loan, the current rate is 4.000% with APR 5.074%.
C. 30-year fixed-VA
VA loan is addressed to the member of the military. Anyone who have served the country deserve to have a house and this loan is going to help them. The loan is very easy to take and requires low down payment. The longest term is 30 years. The 30-year fixed VA mortgage loan has the rate at 3.990% and the APR is at 4.333%.
D. 15-year fixed-VA
VA loan has 15 years term, too, in the US Bank. It will be given to military members who have bigger income every month. The current mortgage rate for 15-year fixed VA mortgage loan from US Bank is 4.000% and the APR is 4.607%.
E. 30-year Fixed Jumbo
Jumbo loan from US Bank is for those who need the fund over $484,350. They probably need that much of money to purchase an extravagant home or a house in luxurious area. Of course, the US Bank mortgage rates for the loan can be slightly higher, too. For this type of loan, the current rate is 3.875% with APR 3.896%.
F. 20-year Fixed Jumbo
Even though the amount of money given on jumbo loan is huge, it does not mean that it has to take 30 years to pay off the loan. It can be 20 years, too. On this US Bank mortgage rates list, the 20-year fixed jumbo mortgage loan has the rate at 3.750% and the APR is at 3.779%.
G. 15-year-Fixed Jumbo
For some people, taking a loan that has decades of term is probably not a good idea. Even though they borrow tons of money, they prefer the shortest term. The shortest term for jumbo loan of US Bank is 15 years. For this type of loan, the current rate is 3.750% with APR 3.788%.
Even though the mortgage rates are going to keep changing from time to time, please remember the change is not going to be so drastic. That’s why the list of current US Bank mortgage rates above can be used as a reference before deciding what types of loan for mortgage you are about to take.