Mortgage Interest Rates Higher Today – Changes at Bank of America and Chase

alt text

(Best Syndication News) After six days of declines, mortgage interest rates were higher today (see rate comparison chart below). Bank of America, Chase and SunTrust all raised their rates.

30-Year Fixed Mortgage Rates

The trend has been lower over the last week, but that changed today. The average rate was only slightly higher to 4.839 percent, but Bank of America and Chase made some major changes today.

SunTrust raised their interest rate one basis point to 4.90 percent. The bank froze their FHA financing at 5.25 percent.

Chase bank raised their rate eight basis points to 5.06 percent. The bank raised their 20-year fixed rate mortgage (FRM) three points by 4.88 percent.

Bank of America raised their fixed rates six points to 4.93 percent.

Mortgage loan brokers can shop for low interest rate loans. Besides banks, they can shop rates offered by investors and credit unions.

15-Year FRM and 5-Year ARM

The average 15-year fixed mortgage rate was one basis point higher to 4.270 percent.

Bank of America hiked their interest rate 13 basis points to 4.29 percent. Chase raised their rate two points to 4.26 percent.

The average 5/1 adjustable rate mortgage (ARM) fell one basis point to 3.219 percent.

SunTrust raised their rate two basis points to 2.69 percent.

Jumbo Loans

The average jumbo mortgage rate jumped less than one basis point to 5.332 percent. The average 15-year jumbo fell one basis point to 4.467 percent.

Jumbo loans exceed the minimum allowed by Fannie Mae. In most states, that limit is $417,000. They are considered non-conforming and are riskier than conforming loans.

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
04/20/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.839% Average 30 yr fixed 0 -10 -23 15 4.90%
4.270% Average 15 year FRM 1 -13 -16 9 4.36%
3.219% Average 5/1 ARM -1 -11 -14 -4 3.30%
5.332% 30 Yr Fixed Jumbo 0 -10 -16 17 5.38%
4.467% 15 Yr Fixed Jumbo -1 -14 -19 11 4.55%
4/20/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.90% 30 Yr Fixed Conventional 1 -4 -4 39 4.95%
4.34% 15 Yr Fixed Conventional 2 -8 -11 40 4.39%
5.65% 30 Yr Jumbo Fixed 2 -10 -36 13 5.71%
2.69% Agency 5/1 ARM 30 Yr 2 -54 -60 -43 3.11%
3.02% Agency 7/1 ARM 30 Yr 2 -45 -53 -24 3.37%
5.25% 30 Yr FHA - Fixed 0 -13 -15 25 5.35%
04/20/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.06% 30-Year Fixed Rate 8 -13 -15 36 5.10%
4.88% 20-Year Fixed Rate 3 -13 -21 25 4.93%
4.26% 15-Year Fixed Rate 2 -8 -13 14 4.29%
3.46% 7/1 ARM 3 -7 -24 -13 3.49%
3.21% 5/1 ARM 1 -7 -12 -17 3.24%
04/20/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.00% 30-Year Fixed Rate 6 -4 -2 55 5.02%
4.29% 15-Year Fixed-Rate 13 -16 -15 32 4.34%
3.28% 5/1 ARM Rate -2 -2 -5 9 3.30%
Certain Areas
4.93 30-Year Fixed Rate 0 -7 -4 49 4.96%
4.271 15-Year Fixed Rate 0 -15 -16 30 4.33%
3.38 7/1 ARM 2 -3 -6 -6 3.38%
3.169 5/1 ARM 1 -2 -16 -2 3.17%
* Average includes more banks than listed
Share/Save/Bookmark

      

Post to Facebook

Important: The material on Best Syndication is for informational purposes only and is not meant to be advice. Authors may have or will receive monetary compensation from the company's product/s mentioned. You should always seek professional advice before making any legal, financial or medical decisions and this website cannot substitute or replace any trained professional consultation.
Use of this site means that you agree to our TERMS OF SERVICE

Advertise On This Site
Copyright © 2006-2015 By Best Syndication All Rights Reserved