Truist Mortgage Rates | See This Week's Rates | SmartAsset.com (2024)

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by Chris Thompson Updated July 27, 2022
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The mortgage rates at Truist Bank are fairly high, especially when it comes to fixed-rate and adjustable-rate mortgages (ARMs). But while the bank lacks in interest rates, it excels in its loan offerings.

The HomeReady®/Home Possible® program is specifically designed for clients who may not have much to put toward a down payment and other extraneous costs. In fact, you could find yourself eligible for a down payment of just 3% of your home’s value.

Truistalso features the Doctor Loan and the High Cost Home Financing programs. As you might expect, the Doctor Loan program is for dentists, physicians and other medical personnel, and it can help take some of the pressure off of your finances when you add in a mortgage on top of student loans. While similar to jumbo loans, the High Cost Home Financing program is intended to aid those who live in high-cost neighborhoods get a home.

Mortgage	Interest Rate	Points	Apply
30-Year Fixed-Rate	6.375%	0	Compare Rates
30-Year Fixed-Rate FHA	5.75%	0	Compare Rates
30-Year Fixed-Rate Jumbo	5.365%	0	Compare Rates
15-Year Fixed-Rate	4.99%	0	Compare Rates

Overview of TruistMortgages

At Truist, you should have no shortage of mortgage loans to choose from. In fact, you’ll find the following types of loans:

• Fixed rate - your payments stay the same each month for a 30- or 15-year term
• Adjustable-rate - Truistfeatures 10/1, 7/1 and 5/1 ARMs
• Jumbo loans - used for purchases that exceed the limitations of the above conventional loans; good for loans up to $1.5 million and 80% of the home’s value
• Agency Affordable Financing - requires just a 3% down payment, and Truistwill lower your insurance costs
• High Cost Home Financing - an alternative to jumbo loans for primary, secondary and vacation homes in designated high-cost areas around the U.S.; no prepayment penalty
• VA loans - reserved for past and present members of the military and certain members of their family; available for up to a $1 million loan
• FHA loans - good for those with less-than-ideal credit and not enough money for a typical down payment; can be fixed-rate or an ARM
• USDA loans - an incentive loan for moving to a rural area; no down payment
• Doctor Loan program - designed for doctors, dentists, fellows, licensed residents and other types of medical professionals

What Your Monthly Mortgage Payments Could Be With Truist

Accurately predicting what your monthly mortgage payments could look like is easier said than done. That’s because there are so many personal factors that go into how your loan is structured, including your credit score, the value of your new home and the ratio of your down payment versus the remaining balance.

As a way to standardize these projections and provide an example, below it’s been assumed that the overall value of the home for the conforming mortgages is $250,000. That would make your down payment $50,000 and your mortgage $200,000. For the jumbo loan, the home value is $750,000 with a down payment of $150,000. Here’s a detailed analysis of four of Truist's most popular loans:

These payment calculations do not include homeowners insurance, property taxes or closing costs.
Mortgage	Interest Rate	Loan Size	Your Payments
30-Year Fixed	6.1%	$200,000	$1,212/month for 30 years
30-Year Fixed Jumbo	4.975%	$600,000	$4,735/month for 30 years
15-Year Fixed	4.9%	$200,000	$1,571/month for 15 years

How TruistCompares to Other Lenders

When it comes to down to exact interest rates, Truist’s offers run a bit high. This is true regardless of the type of loan, with fixed-rate, adjustable-rate and VA mortgages all showing the same issue in the table below.

Mortgage	Truist	Rocket Mortgage	Chase	Wells Fargo
30-Year Fixed	6.1%	5.5%	5.625%	5.125%
30-Year Fixed Jumbo	4.975%	-	5.125%	4.500%
15-Year Fixed	4.99%	5.25%	4.750%	4.625%

While Rocket Mortgage, and even Chase to some extent, are known for good mortgage interest rates, Wells Fargo generally isn’t. As is evident above, though, the majority of Truist’s rates are in line with Wells Fargo’s, indicating that you could find better rates elsewhere.

Mortgage Type Options

Based on a mortgage

Home Value Points Location Credit Score
Not what you're looking for? View personalized rates

• 30 yr Fixed 30yr Fixed
• 15 yr Fixed 15yr Fixed
• 5/1 ARM 5/1ARM

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See Also

Truist Mortgage Review | LendingTreeTruist Mortgage Loan Review 2024Truist mortgage review 2024Truist Mortgage Review: Focus on Money Well-Being and Competitive Rates

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