Mortgage Rates Trending Lower Again – Bank of America SunTrust and PNC Make Changes

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(Best Syndication News) Mortgage rates were lower with the exception of Bank of America which raised their popular home loan products (see rate chart below).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage fell two basis points to 5.043 percent. Over the last five days and 100-days the rate is still higher. The 30-day trend is lower.

Bank of America raised their rate one basis point to 5.03 percent. In certain areas their rate fell three basis points to 4.981 percent.

SunTrust lowered their rate one basis point to 4.94 percent. Their FHA 30-year fixed rate mortgage (FRM) fell one basis point to 5.37 percent.

PNC lowered their rate six points to 4.96 percent. The bank also offers a 20-year FRM. That rate fell six points to 3.50 percent.

15-Year FRM and 5/1 ARM Rates

The average 15-year FRM fell two points to 4.344 percent.

BofA raised their 15-year rate six points to 4.43 percent.

The average 5/1 adjustable rate mortgage (ARM) fell two basis points to 3.348 percent.

SunTrust lowered their rate one basis point to 3.26 percent.

Jumbo Loans

The average 30-year fixed jumbo mortgage rate fell three basis points to 5.444 percent.

Jumbo mortgages exceed the maximum allowed by Fannie Mae. They are riskier than conventional loans which can easily be sold to Fannie Mae or Freddie Mac.

The average 15-year jumbo loan decreased three points to 4.633 percent.

By: John Waters
Business Reporter

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Best Syndication News Mortgage Survey
Monday 1 Day 5 Day 30 Day 100-Day 1 Week
04/04/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
5.043% Average 30 yr fixed -2 3 -18 59 5.04%
4.344% Average 15 year FRM -2 0 -25 39 4.36%
3.348% Average 5/1 ARM -2 0 -5 16 3.35%
5.444% 30 Yr Fixed Jumbo -3 -2 -14 48 5.46%
4.633% 15 Yr Fixed Jumbo -3 2 -10 51 4.64%
4/4/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.94% 30 Yr Fixed Conventional -1 -1 -20 63 4.97%
4.38% 15 Yr Fixed Conventional -2 -2 -13 45 4.42%
5.77% 30 Yr Jumbo Fixed -13 -12 -37 52 5.90%
3.26% Agency 5/1 ARM 30 Yr -1 0 -8 19 3.28%
3.50% Agency 7/1 ARM 30 Yr -3 1 -11 33 3.52%
5.37% 30 Yr FHA - Fixed -1 -2 -7 65 5.39%
4/4/11 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.02% 10 Year Fixed -8 0 -100 -5 4.05%
4.35% 15 Year Fixed -1 0 -65 23 4.37%
4.91% 20 Year Fixed -6 0 -81 19 4.92%
4.96% 30 Year Fixed -6 0 -56 30 4.96%
Certain Areas
4.13% 10 Year Fixed -5 0 -107 -18 4.14%
4.34% 15 Year Fixed -21 2 -89 -48 4.40%
5.10% 20 Year Fixed -9 0 -86 -13 5.16%
5.21% 30 Year Fixed 0 10 -63 12 5.17%
04/04/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.03% 30-Year Fixed Rate 1 0 -12 74 5.03%
4.43% 15-Year Fixed-Rate 6 -2 -1 67 4.43%
3.36% 5/1 ARM Rate -5 0 0 21 3.38%
Certain Areas
4.981 30-Year Fixed Rate -3 -3 -6 71 5.01%
3.232 5-Year ARM -4 -2 1 18 3.26%
5.55 30-Year FRM int only -4 -4 0 52 5.58%
3.29 5-Year ARM, int only -4 -2 -1 21 3.31%
* Average includes more banks than listed
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