Mortgage Interest Rates Today – Big Changes at Major Banks Push Rates Even Lower

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(Best Syndication News) While Chase and U.S. Bank raised their rates today, Citibank, SunTrust, PNC and Bank of America make deep cuts (see rate charts below).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell four basis points to 5.019 percent today. Only a handful of banks bucked the trend and raised rates.

Citibank lowered their rate two basis points to 5.17 percent.

SunTrust lowered their 30-year conventional mortgage rate eight points to 4.91 percent. The bank also lowered their FHA fixed rates six points to 5.37 percent.

PNC made the biggest changes today. The bank went three days in a row without making any changes, but today that ended. The bank lowered their 30-year rates 28 basis points to 4.13 percent. The bank also offers 20-year fixed mortgages. That rate also fell drastically: 38 points to 4.95 percent.

Bank of America lowered their rate six points to 4.94 percent. In certain areas the rate fell two points to 4.893 percent.

15-Year FRM and 5/1 ARM Rates

The average 15-year fixed mortgage rate fell five points to 4.367 percent. Bank of America lowered their rate two points to 4.38 percent.

Citibank also made some changes. The dropped their 15-year rates four basis points to 4.58 percent.

The average 5-year adjustable rate mortgage dropped three points to 3.337 percent today. SunTrust lowered their ARM rate three points to 3.25 percent.

Jumbo Loan Rates

Most borrowers living in the city or affluent areas will have to qualify for a jumbo mortgage. These rates are riskier for the banks because they don’t conform to Fannie Mae standards. Fannie Mae buys loans from banks and packages them together to sell to investors.

While the average 15-year fixed jumbo mortgage rate remained unchanged, the average 30-year rate fell six points to 5.432 percent.

By: John Waters
Business Reporter

Click here for Mortgage Rates Today

Best Syndication News Mortgage Survey
Wednesday 1 Day 5 Day 30 Day 100-Day 1 Week
03/09/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
5.019% Average 30 yr fixed -4 -7 -4 64 5.07%
4.367% Average 15 year FRM -5 -7 -7 49 4.42%
3.337% Average 5/1 ARM -3 -3 4 13 3.36%
5.432% 30 Yr Fixed Jumbo -6 -11 -1 44 5.51%
4.655% 15 Yr Fixed Jumbo 0 1 1 51 4.64%
3/9/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
5.17% 30 Year Fixed -2 -9 5 60 5.21%
4.58% 15 Year Fixed -4 -15 0 42 4.65%
3.41% 5/1 Libor ARM -1 -5 0 7 3.43%
3/9/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.91% 30 Yr Fixed Conventional -8 -11 -1 64 4.98%
4.38% 15 Yr Fixed Conventional -9 -9 -4 51 4.45%
5.89% 30 Yr Jumbo Fixed -12 -22 2 64 6.03%
3.25% Agency 5/1 ARM 30 Yr -3 -5 4 17 3.29%
3.50% Agency 7/1 ARM 30 Yr -5 -6 6 31 3.54%
5.37% 30 Yr FHA - Fixed -6 -6 -1 53 5.40%
3/9/11 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.13% 10 Year Fixed -32 -38 -55 43 4.44%
4.35% 15 Year Fixed -24 -22 -56 51 4.57%
4.95% 20 Year Fixed -38 -40 -52 76 5.31%
4.99% 30 Year Fixed -28 -26 -41 86 5.24%
Certain Areas
4.15% 10 Year Fixed -43 -41 -81 45 4.55%
4.47% 15 Year Fixed -25 -25 -67 38 4.71%
5.20% 20 Year Fixed -27 -25 -63 75 5.43%
5.21% 30 Year Fixed -12 -12 -50 75 5.34%
03/09/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.94% 30-Year Fixed Rate -6 -10 -1 52 5.02%
4.38% 15-Year Fixed-Rate -2 -9 21 40 4.42%
3.27% 5/1 ARM Rate -9 -8 3 4 3.34%
Certain Areas
4.893 30-Year Fixed Rate -2 -10 -4 48 4.95%
3.151 5-Year ARM -5 -6 2 2 3.20%
5.504 30-Year FRM int only -3 -8 -4 25 5.55%
3.231 5-Year ARM, int only -3 -6 3 5 3.27%
* Average includes more banks than listed
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