Mortgage Interest Rates Today – Declines at Citibank PNC and Chase Banks

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(Best Syndication News) Mortgage rates were lower again today for the third straight day (see rate charts below). Three major banks led the trend.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) declined one basis point to 4.741 percent today. This product is lower for the week, month and 100-days.

Citibank lowered their 30-year rate two basis points to 5.06 percent.

PNC dropped their interest rate one point to 4.83 percent. The bank also offers 20-year financing. That rate fell two basis points to 4.68 percent.

Rates are dependant on the location of the home. The rates presented are for borrowers with excellent credit. Customers with a poor or bad credit score will pay more and it may be more difficult to qualify.

Chase lowered their rate five basis points to 4.89 percent. The bank also offered their 20-year loans for 4.74 percent, down one basis point from yesterday.

15-Year FRM and 5-Year ARM

The average 15-year fixed mortgage rate fell one point to 4.141 percent. These mortgage loans have a short term, lower rate but higher monthly payments. They became popular because the borrower can save a fortune in interest.

Citibank lowered their rate one point to 4.48 percent. PNC also offers this loan product. That rate fell two basis points to 4.05 percent.

The average 5/1 adjustable rate mortgage (ARM) fell one basis point 3.172 percent.

Jumbo Loan Rates

Jumbo loans exceed the maximum allowed by Freddie Mac and Fannie Mae. In most states, that limit is $417,000.

The average 30-year jumbo loan rate dropped one basis point to 5.228 percent.

By: John Waters
Business Reporter

Click here for Current Mortgage Rates Today

Best Syndication News Mortgage Survey
Tuesday 1 Day 5 Day 30 Day 100-Day 1 Week
05/03/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.741% Average 30 yr fixed -1 -8 -17 -7 4.80%
4.141% Average 15 year FRM -1 -12 -6 -13 4.22%
3.172% Average 5/1 ARM -1 -5 -7 -10 3.21%
5.228% 30 Yr Fixed Jumbo -1 -13 -5 0 5.31%
4.333% 15 Yr Fixed Jumbo 0 -13 -12 -12 4.41%
5/3/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
5.06% 30 Year Fixed -2 -11 -7 13 5.13%
4.48% 15 Year Fixed -1 -22 -9 -5 4.60%
3.28% 5/1 Libor ARM -2 -10 -4 -9 3.35%
5/3/11 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 1 Week
3.85% 10 Year Fixed -3 -4 -1 -66 3.92%
4.05% 15 Year Fixed -2 -8 -6 -46 4.11%
4.68% 20 Year Fixed -2 -9 -12 -54 4.74%
4.83% 30 Year Fixed -1 -6 -2 -17 4.87%
Certain Areas
3.77% 10 Year Fixed -3 -18 -15 -101 3.89%
4.18% 15 Year Fixed 0 -4 -2 -92 4.22%
4.70% 20 Year Fixed -1 -13 -16 -100 4.78%
4.96% 30 Year Fixed 0 -13 0 -40 5.04%
05/03/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.89% 30-Year Fixed Rate -5 -9 -19 -6 4.99%
4.74% 20-Year Fixed Rate -1 -11 -16 -22 4.86%
4.10% 15-Year Fixed Rate -2 -14 -18 -25 4.28%
3.37% 7/1 ARM -5 -10 -11 -34 3.49%
3.14% 5/1 ARM -1 -5 -5 -31 3.22%
* Average includes more banks than listed
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