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

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(Best Syndication News) Mortgage rates changed direction today and increased (see rate comparison chart below). Chase raised their rates while Citibank and BofA lowered them.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) increased one basis point today, reversing a week-long trend. After plugging the rate into a mortgage calculator we found monthly payments of $1,237 on a $235,000 loan.

Citibank lowered their rate five basis points to 5.12 percent.

Chase raised their rates across-the-board. Their 30-year FRM jumped 16 basis points to 5.14 percent. The bank also offers 20-year loans. Their 20-year FRM rate rose 23 basis points 5.08 percent.

Bank of America lowered their rate five points to 4.95 percent. In certain areas the bank lowered their rate one point to 4.926 percent.

15-Year FRM and 5/1 ARM Rate

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

The 15-year loans have a shorter term but higher payments. Since the term is cut in half, homeowners can save a lot of money.

Citibank lowered their rate eight basis points to 4.62 percent.

The average 5-year adjustable rate mortgage (ARM) jumped one basis point to 3.231 percent.

It can be easier to qualify for an adjustable rate mortgage because the initial payments are reduced. After five years the rate will adjust higher.

These financial products can benefit the homeowner and the lender. Since loans are at historic lows, banks are provided protection against high inflations.

Jumbo Loan Rates

Jumbo mortgages continued to decline today. The average 30-year fixed rate jumbo loan fell one basis point to 5.345 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
04/26/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.829% Average 30 yr fixed 1 -1 -16 7 4.84%
4.270% Average 15 year FRM 1 1 -5 7 4.27%
3.231% Average 5/1 ARM 1 1 -8 -4 3.23%
5.345% 30 Yr Fixed Jumbo -1 2 -6 16 5.34%
4.440% 15 Yr Fixed Jumbo -3 -3 -17 8 4.48%
4/26/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
5.12% 30 Year Fixed -5 -2 -1 23 5.17%
4.62% 15 Year Fixed -8 -4 17 14 4.69%
3.36% 5/1 Libor ARM -2 0 -1 -2 3.38%
04/26/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.14% 30-Year Fixed Rate 16 16 4 33 5.01%
5.08% 20-Year Fixed Rate 23 23 9 31 4.86%
4.68% 15-Year Fixed Rate 44 44 32 45 4.25%
3.68% 7/1 ARM 21 24 3 9 3.46%
3.42% 5/1 ARM 23 23 14 6 3.20%
04/26/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.95% 30-Year Fixed Rate -5 1 4 42 4.98%
4.27% 15-Year Fixed-Rate -2 11 11 31 4.24%
3.27% 5/1 ARM Rate -1 -3 2 8 3.28%
Certain Areas
4.926 30-Year Fixed Rate -1 0 7 40 4.93%
4.262 15-Year Fixed Rate -2 -1 10 30 4.27%
3.374 7/1 ARM -2 2 -7 -7 3.38%
3.163 5/1 ARM -1 1 -9 -3 3.17%
* Average includes more banks than listed
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