Current Mortgage Rates Today – Citibank Chase Bank of America and U.S. Bank Cut Rates Again

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(Best Syndication News) Mortgage interest rates fell again for the fifth straight day in a row (see rate charts below).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell another three basis points to 4.984 percent today. After plugging the rate into a mortgage calculator, we found monthly payments of $1,071 on a $200,000 loan. The payments do not include property taxes, PMI or other types of insurance.

The rates may or may not reflect points. Bank of America (NYSE:BAC) and other banks listed may charge one point or more for the loan. Closing costs are another factor to consider. Most borrowers are looking for a mortgage with no closing costs.

Citibank lowered their 30-year rate four points to 5.13 percent today.

U.S. Bank lowered their conventional mortgage rates six points to 4.84 percent. While the bank did not modify their VA or FHA loans, they did lower their rate on 20-year mortgages. That rate fell six points to 4.64 percent.

Chase lowered their 30-year rates 11 basis points to 5.11 percent. The bank also offers 20-year financing.

Bank of America lowered their home loan rates three points to 4.91 percent.

15-Year FRM and 5/1 ARM Rates

The average 15-year fixed mortgage rates fell five basis points to 4.31 percent today. Chase lowered their rate three points while BofA lowered their rate 21 basis points.

The average 5-year adjustable rate mortgage (ARM) fell three basis points today. Citibank lowered their rate four points while U.S. Bank lowered their rate four basis points.

Jumbo Mortgages

The average 30-year fixed rate jumbo mortgage fell three points to 5.401 percent today. The 15-year jumbo fell five points to 4.610 percent.

By: John Waters
Business Reporter

Click here for Mortgage Rates Today

Best Syndication News Mortgage Survey
Thursday 1 Day 5 Day 30 Day 100-Day 1 Week
03/10/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.984% Average 30 yr fixed -3 -10 -7 58 5.06%
4.315% Average 15 year FRM -5 -12 -12 38 4.42%
3.311% Average 5/1 ARM -3 -6 2 10 3.36%
5.401% 30 Yr Fixed Jumbo -3 -12 -2 40 5.49%
4.610% 15 Yr Fixed Jumbo -5 -4 -4 43 4.65%
3/10/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
5.13% 30 Year Fixed -4 -11 1 45 5.21%
4.45% 15 Year Fixed -13 -20 -13 18 4.64%
3.37% 5/1 Libor ARM -5 -8 2 0 3.43%
3/10/11 U.S. Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.84% 30-Year Fixed -6 -6 -6 66 4.90%
4.64% 20-Year Fixed -6 -16 -17 45 4.75%
4.19% 15-Year Fixed -6 -15 -9 47 4.28%
4.12% 10-Year Fixed 0 0 -3 34 4.12%
5.27% FHA 30-Year 0 -9 -9 52 5.31%
4.72% FHA 15-Year 0 -11 -11 15 4.78%
5.10% VA 30-Year -13 -13 -26 38 5.20%
4.85% VA 15-Year 0 -13 -13 25 4.90%
3.41% 3-Year ARM -3 -6 -3 -6 3.46%
3.46% 5-Year ARM -4 -9 0 0 3.54%
4.99% Jumbo 30-Year 0 -13 -12 51 5.07%
4.54% Jumbo 15-Year -13 -13 -11 63 4.66%
03/10/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.11% 30-Year Fixed Rate -11 -11 15 41 5.21%
4.99% 20-Year Fixed Rate -11 -11 11 39 5.08%
4.36% 15-Year Fixed Rate -3 -5 4 24 4.40%
3.65% 7/1 ARM -1 -1 5 23 3.67%
3.28% 5/1 ARM -3 -3 0 6 3.32%
03/10/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.91% 30-Year Fixed Rate -3 -12 -3 41 5.01%
4.16% 15-Year Fixed-Rate -21 -21 4 13 4.41%
3.25% 5/1 ARM Rate -2 -12 -3 3 3.33%
Certain Areas
4.861 30-Year Fixed Rate -3 -10 -6 38 4.92%
3.138 5-Year ARM -1 -7 2 2 3.18%
5.369 30-Year FRM int only -14 -18 -17 -2 5.50%
3.215 5-Year ARM, int only -2 -8 1 4 3.26%
* Average includes more banks than listed
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