In an effort to reduce the number of complaints and issues surrounding reverse mortgages, the form of mortgage provided to homeowners of 62 or older with a considerable home equity, regulators finalized a new law last week. According to the new clause under reverse mortgage loans, applicable from 4th of August 2014, now regulators have allowed the spouse of deceased borrower to stay in the house. Earlier, the spouse of deceased borrower if not listed as co-borrower, was asked to repay the loan immediately or sell the house. Good news at last for the reverse mortgage borrowers but still there are some detractors who still ask borrowers to stay away due to excessive fees and other potential drawbacks.
Now back to our main story, Mortgage rates on Monday from one of the leading lenders in United States, US Bank. The Bank also offers a diverse range of products under Mortgage Loans that include ARM, Confirming, FHA, VA and Jumbo Mortgage Loans. To start with the ARM Loans, rates for 10 year ARM Loans are 3.500% interest rate with 3.348% APR rate. Interest rate for 5 Year ARM Mortgage Loans is 2.625% with an APR rate of 2.866%. For the 3 Year ARM Mortgage Loan, the interest rate offered on Monday is 2.625% with an APR of 2.897%.
Under the confirming Mortgage Loan category, the bank issued new rates for 30 Year Fixed Rate, 20 Year Fixed Rate, 15 Year Fixed Rate and 10 Year Fixed Rate. For 30 Year Mortgage Loan, the interest rate is 4.000% along with an APR of 4.189%. For 20 Years Fixed Rate, interest rate is 3.750% with an APR of 3.936%. Similarly, offered interest rate for 15 Year Fixed rate is 3.250% along with 3.504% APR rate. For their last product under this category, 10 Year Fixed Rate, interest rate on Monday is 3.000% with an APR of 3.339%.
The rates issued for FHA 30 Year Fixed Loan are 3.875% interest rate and 4.390% APR. For FHA – 15 Year Fixed Loan, rates are 3.375% for an APR of 3.946%. For Jumbo Loans, 30 Years Fixed Loans are available for 4.000% interest rate and 4.083% APR. For 20 Year Jumbo Fixed Loan, interest rate is 4.000% with an APR of 4.115%. For 15 Year Fixed Rate Jumbo Loans, interest rate of 3.750% with an APR of 3.896% is offered today.