Current Mortgage Interest Rates – Bank of America Citibank and U.S. Bank Make Changes

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(Best Syndication News) Mortgage rates declined slightly today after four straight days of advances (see rate charts below).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell one point to 5.018 percent. The weekly trend has been higher.

Bank of America lowered their conventional rate one basis point to 5.03 percent. In some areas they lowered their rate one point to 5.01 percent.

Citibank dropped their rate five basis points to 5.19 percent.

U.S. Bank lowered their rate one basis point to 4.90 percent. The bank also offers 20-year loans. Those loans dropped eight points to 4.70 percent.

U.S. Bank has a wide range of home loan products. Their FHA 30-year loans fell nine points to 5.27 percent.

15-Year FRM and 5/1 ARM Rates

The average 15-year FRM fell one point to 4.346 percent. Bank of America lowered their rate two basis points to 4.45 percent.

Citibank lowered their rate eight points to 4.70 percent.

The average 5-year adjustable rate mortgage (ARM) increased one basis point to 3.348 percent.

Jumbo Mortgages

Jumbo mortgages exceed the maximum allowed by Fannie Mae. Banks charge more for these larger loans because they can not quickly sell them to Fannie Mae or Freddie Mac.

The average 30-year jumbo loan rate increased less than one basis point to 5.465 percent. The average 15-year jumbo rate decreased three points to 4.617 percent.

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
03/29/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
5.018% Average 30 yr fixed -1 8 -23 53 4.97%
4.346% Average 15 year FRM -1 16 -25 37 4.27%
3.348% Average 5/1 ARM 1 5 -8 15 3.31%
5.465% 30 Yr Fixed Jumbo 0 11 -18 46 5.41%
4.617% 15 Yr Fixed Jumbo -3 11 -19 45 4.58%
3/29/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
5.19% 30 Year Fixed -5 27 -13 57 5.03%
4.70% 15 Year Fixed -8 49 -1 46 4.42%
3.43% 5/1 Libor ARM -2 28 -4 9 3.27%
3/29/11 U.S. Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.90% 30-Year Fixed -1 16 -7 56 4.84%
4.70% 20-Year Fixed -8 13 -26 30 4.66%
4.21% 15-Year Fixed -4 11 -29 50 4.16%
4.16% 10-Year Fixed -3 20 -13 41 4.09%
5.27% FHA 30-Year -9 4 -9 43 5.27%
4.59% FHA 15-Year -26 0 -39 3 4.64%
5.23% VA 30-Year 0 13 -13 38 5.13%
4.85% VA 15-Year 0 0 -26 25 4.85%
3.47% 3-Year ARM 0 3 -9 6 3.44%
3.55% 5-Year ARM 0 4 -4 13 3.52%
4.99% Jumbo 30-Year 0 13 -20 38 4.92%
4.54% Jumbo 15-Year -13 13 -34 63 4.51%
03/29/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.03% 30-Year Fixed Rate -1 3 -13 74 5.02%
4.45% 15-Year Fixed-Rate -2 16 -1 81 4.40%
3.36% 5/1 ARM Rate 0 4 -3 20 3.33%
Certain Areas
5.01 30-Year Fixed Rate -1 7 -2 88 4.98%
3.249 5-Year ARM 0 6 2 19 3.23%
5.59 30-Year FRM int only -1 3 -1 58 5.58%
3.314 5-Year ARM, int only 1 7 1 22 3.28%
* Average includes more banks than listed
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