Current Mortgage Rates Today – Bank Rates Lower Seven Days In Row

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(Best Syndication News) Nearly all of the major banks made some changes to their interest rates today (see rate chart below). Some of the biggest changes were made at PNC, HSBC and U.S. Bank.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage fell three basis points to 4.930% today. This average has been declining seven business days straight. Over the last five days, the rate has fallen 13 basis points.

Citibank increased their rate two basis points to 5.15 percent. Citi and Bank of America were two lending institutions that advanced their loan products while the others lowered them.

SunTrust lowered their rate two basis points to 4.87 percent. The bank also lowered their FHA loans two points to 5.33 points.

Chase lowered their rate three points to 5.07 percent. The bank also offers 20-year financing. That loan product declined nine points to 4.89 percent.

Bank of America went in the other direction. The bank raised their 30-year fixed rate mortgages (FRM) seven points to 5.00 percent. In certain areas that rate was up four points to 4.923 percent.

15-Year FRM and 5-Year ARM

The average 15-year FRM fell five basis points to 4.226 percent today. Chase lowered their rate eight points to 4.28 percent.

The average 5/1 adjustable rate mortgage (ARM) fell two points to 3.263 percent. These loans have a 30-year term but adjust higher after five years. This helps protect the lender in the event that rates increase drastically, but it also benefits the borrower.

The borrower’s initial payments can be extremely low, and when the loans adjust upward the homeowner will have the opportunity to refinance their mortgage. The preliminary low rates will also benefit borrowers who plan on moving within five years.

Jumbo Loan Rates

The average 30-year fixed jumbo loan rate fell seven points to 5.282 percent. The average 15-year rate fell five points to 4.464 percent.

See the chart below for the bank changes.

By: John Waters
Business Reporter

Click here for Mortgage Rates Today

Best Syndication News Mortgage Survey
Tuesday 1 Day 5 Day 30 Day 100-Day 1 Week
03/15/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.930% Average 30 yr fixed -3 -13 -13 53 5.02%
4.226% Average 15 year FRM -5 -19 -22 33 4.36%
3.263% Average 5/1 ARM -2 -10 -4 6 3.33%
5.282% 30 Yr Fixed Jumbo -7 -21 -14 29 5.43%
4.464% 15 Yr Fixed Jumbo -5 -19 -15 36 4.62%
3/15/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
5.15% 30 Year Fixed 2 -4 -6 47 5.16%
4.57% 15 Year Fixed 8 -5 -13 24 4.55%
3.30% 5/1 Libor ARM 0 -12 -11 -7 3.38%
3/15/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.87% 30 Yr Fixed Conventional -2 -13 -8 61 4.93%
4.21% 15 Yr Fixed Conventional -14 -27 -21 33 4.40%
5.75% 30 Yr Jumbo Fixed -2 -26 -13 51 5.89%
3.16% Agency 5/1 ARM 30 Yr -4 -13 -6 11 3.25%
3.37% Agency 7/1 ARM 30 Yr -5 -18 -7 23 3.50%
5.33% 30 Yr FHA - Fixed -2 -10 -6 49 5.37%
03/15/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.07% 30-Year Fixed Rate -3 -13 1 50 5.17%
4.89% 20-Year Fixed Rate -9 -13 -6 42 5.03%
4.28% 15-Year Fixed Rate -8 -11 -9 29 4.38%
3.49% 7/1 ARM -16 -16 -17 8 3.66%
3.20% 5/1 ARM -9 -12 -12 0 3.31%
03/15/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.00% 30-Year Fixed Rate 7 0 1 58 4.96%
4.27% 15-Year Fixed-Rate 11 -13 11 31 4.31%
3.31% 5/1 ARM Rate 8 -4 1 10 3.29%
Certain Areas
4.923 30-Year Fixed Rate 4 1 1 51 4.90%
3.155 5-Year ARM 3 -5 4 4 3.15%
5.532 30-Year FRM int only 3 0 1 27 5.49%
3.226 5-Year ARM, int only 4 -4 4 4 3.22%
* Average includes more banks than listed
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