Mortgage Interest Rates – Bank of America PNC and U.S. Bank make changes

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(Best Syndication News) Rates were only slightly higher today with changes at Bank of America PNC and U.S. Banks (see rate charts below).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) increased one basis point today, up over eight points for the week, but down seven points for the month. The 100-day trend is still higher.

Bank of America raised their rate nine basis points today. The bank is higher for the week, the month and 100-day period.

These are conventional rates and are easily sold to Fannie Mae. FHA rates may vary.

PNC did not change their rate, but they did change their 20-year fixed rates. The PNC 20-year FRM was up five basis points to 5.02 percent.

U.S. Bank raised their 30-year FRM one point to 4.94 percent. This lender also offers 20-year financing. Those rates are up eight basis points to 4.91 percent.

15-Year FRM and 5/1 ARM Loans

The average 15-year FRM advanced one basis point to 4.396 percent today.

U.S. Bank increased their 15-year rates two basis points to 4.28 percent. Their 15-year FHA (Federal Housing Authority) rate decreased three basis points to 4.82 percent.

The average 5/1 adjustable rate mortgage (ARM) remained the same at 3.362 percent.

Jumbo Rate Mortgages

The average 30-year jumbo loans fell one basis point to 5.463 percent.

Jumbo loans are not conventional. They exceed the maximum allowed for Fannie Mae and they are more difficult for banks to sell to investors and can not be guaranteed by the FHA.

The average 15-year jumbo mortgage increased three points to 4.652 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
04/06/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
5.101% Average 30 yr fixed 1 8 -7 56 5.06%
4.396% Average 15 year FRM 1 5 -15 38 4.36%
3.362% Average 5/1 ARM 0 1 -1 14 3.36%
5.463% 30 Yr Fixed Jumbo -1 2 -4 43 5.46%
4.652% 15 Yr Fixed Jumbo 3 3 3 45 4.64%
4/6/11 U.S. Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.94% 30-Year Fixed 1 8 3 61 4.90%
4.91% 20-Year Fixed 8 24 11 60 4.76%
4.28% 15-Year Fixed 2 9 -6 63 4.23%
4.12% 10-Year Fixed 0 -1 0 37 4.15%
5.36% FHA 30-Year 0 9 9 52 5.31%
4.82% FHA 15-Year -3 23 0 36 4.72%
5.36% VA 30-Year 0 26 13 64 5.20%
4.85% VA 15-Year 0 0 -13 25 4.85%
3.47% 3-Year ARM 0 3 0 3 3.46%
3.55% 5-Year ARM 0 4 4 13 3.53%
4.99% Jumbo 30-Year 0 0 0 38 4.99%
4.66% Jumbo 15-Year 13 13 13 63 4.59%
4/6/11 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.15% 10 Year Fixed 2 13 -59 2 4.06%
4.37% 15 Year Fixed 0 1 -60 12 4.37%
5.02% 20 Year Fixed 5 13 -55 6 4.93%
5.01% 30 Year Fixed 0 10 -47 15 4.97%
Certain Areas
4.18% 10 Year Fixed 0 5 -94 -28 4.15%
4.47% 15 Year Fixed 0 13 -70 -36 4.43%
5.20% 20 Year Fixed 0 11 -63 -16 5.16%
5.21% 30 Year Fixed 0 10 -51 -1 5.19%
04/06/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.15% 30-Year Fixed Rate 9 12 10 75 5.03%
4.45% 15-Year Fixed-Rate 1 5 -3 54 4.41%
3.37% 5/1 ARM Rate -4 -4 2 21 3.39%
Certain Areas
5.018 30-Year Fixed Rate 0 0 0 64 5.01%
3.248 5-Year ARM -1 -3 2 18 3.26%
5.537 30-Year FRM int only 0 -6 -6 48 5.56%
3.309 5-Year ARM, int only 0 -1 1 22 3.31%
* Average includes more banks than listed
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