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Current Mortgage Rates Higher Today – Major Loan Rate Changes at Banks

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(Best Syndication News) Interest rates jumped more today than any other day during the year (see chart below). There were big changes at HSBC, Wells Fargo Bank of America, Chase and other major banks.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) jumped 12 basis points today, more than any other day during the year. For the month the rate is up 24 points.

Wells Fargo raised their rate 13 basis points to 4.69 percent. This bank doesn’t raise rates often but usually does so in 13 point increments. In certain areas the rate was 13 points higher to 4.76 percent.

HSBC also raised rates. Their 30-year fixed purchase and refinance rate jumped 13 points to 4.89 percent. The bank also offers VA and FHA financing. See the rate tables below for details.

SunTrust bank raised their rate 16 basis points to 4.65 percent. Their 30-year fixed FHA rate was nine points higher to 5.03 percent.

PNC bank raised their rate 15 basis points to 5.02 percent.

15-Year FRM and 5/1 ARM Rates

The average 15-year fixed mortgage rate jumped 14 points to 4.165 percent. SunTrst, PNC and HSBC raised their rates. All of the major banks we monitor raised their interest rates on Monday.

The average 5-year adjustable rate mortgage three points to 3.263 percent. These rates may adjust higher or lower in five years depending on an external rate. Today the 10-year U.S. Treasury Note was up from 2.65 percent on Friday to 2.92 percent Monday.

Jumbo Loan Rates

The average 30-year fixed rate jumbo mortgage increased seven points to 5.141 percent. These loans do not conform to the standards set by Fannie Mae and Freddie Mac.

The average 15-year jumbo rate mortgage jumped eight points to 4.298 percent.

By: John Waters
Business Reporter

Best Syndication News Mortgage Survey
Friday Monday 1 Day 5 Day 30 Day 1 Week
11/12/10 11/15/10 Overall Average APR Point Ch. Point Ch. Point Ch. Average
4.576% 4.693% Average 30 yr fixed 12 24 24 4.56%
4.030% 4.165% Average 15 year FRM 14 21 17 4.04%
3.234% 3.263% Average 5/1 ARM 3 6 5 3.23%
5.075% 5.141% 30 Yr Fixed Jumbo 7 17 13 5.05%
4.213% 4.298% 15 Yr Fixed Jumbo 8 14 7 4.22%
Friday Monday 1 Day 5 Day 30 Day 1 Week
11/12/10 11/15/10 HSBC Point Ch. Point Ch. Point Ch. Average
4.11% 4.24% 15 Year Purchase 13 -13 4.18%
4.11% 4.24% 15 Year Refinance 13 -13 4.18%
4.76% 4.89% 30 Year Purchase 13 -13 4.84%
4.76% 4.89% 30 Year Refinance 13 -13 4.84%
4.80% 4.80% 30 Year FHA/VA Purchase 0 13 4.78%
4.80% 4.80% 30 Year FHA/VA Refinance 0 13 4.78%
4.38% 4.51% 30 Year CommunityWorks 13 13 4.41%
3.22% 3.22% 3/1 YR LIBOR ARM 0 6 3.21%
3.31% 3.31% 5/1 YR LIBOR ARM 0 9 3.29%
Friday Monday 1 Day 5 Day 30 Day 1 Week
11/12/10 11/15/10 Wells Fargo Point Ch. Point Ch. Point Ch. Average
4.56% 4.69% 30-Year Fixed 13 25 25 4.56%
5.09% 5.36% 30-Year Fixed FHA 27 27 27 5.14%
4.07% 4.20% 15-Year Fixed 13 13 13 4.09%
3.17% 3.21% 5-Year ARM 4 9 13 3.15%
3.00% 3.00% 5-Year ARM FHA 0 5 5 2.97%
Certain areas
4.63% 4.76% 30-Year Fixed 13 25 25 4.58%
5.17% 5.43% 30-Year Fixed FHA 27 27 13 5.22%
3.26% 3.26% 5-Year ARM 0 4 9 3.23%
Jumbo Loans
5.01% 5.01% 30-Year Fixed 0 0 0 5.01%
3.34% 3.34% 5-Year ARM 0 -4 -14 3.35%
11/12/10 11/15/10 Sun Trust Bank 1 Day 5 Day 30 Day 1 Week
4.49% 4.65% 30 Yr Fixed Conventional 16 35 31 4.44%
3.95% 4.07% 15 Yr Fixed Conventional 13 14 22 3.97%
5.52% 5.64% 30 Yr Jumbo Fixed 13 39 39 5.44%
3.13% 3.17% Agency 5/1 ARM 30 Yr 4 9 11 3.11%
3.26% 3.30% Agency 7/1 ARM 30 Yr 5 13 16 3.23%
4.94% 5.03% 30 Yr FHA - Fixed 9 32 24 4.89%
11/12/10 PNC - National City Bank 1 Day 5 Day 30 Day 1 Week
4.18% 4.45% 10 Year Fixed 27 37 48 4.19%
4.27% 4.52% 15 Year Fixed 25 40 44 4.28%
4.97% 5.35% 20 Year Fixed 38 52 92 5.01%
4.88% 5.02% 30 Year Fixed 15 37 55 4.86%
Certain Areas
4.46% 4.81% 10 Year Fixed 35 50 63 4.50%
4.83% 5.12% 15 Year Fixed 29 31 54 4.88%
5.36% 5.72% 20 Year Fixed 36 39 86 5.42%
5.24% 5.47% 30 Year Fixed 24 38 62 5.25%
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