Mortgage Rates Today – Loan Rates Keep Falling Fast at Major Banks including BofA Citibank and Suntrust

alt text

(Best Syndication News) Mortgage interest rates continued their downward trend today with Bank of America, SunTrust and Citibank making changes (see bank rate chart below).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell three basis points to 4.652 percent. The trend has been lower over the last week, month and 100 days. We plugged the rate into a mortgage calculator and found monthly payments of $1,212 on a $235,000 loan.

This week there has been heavy investment in government bonds. This has driven down yield rates. Since many banks tie their rate to 10-year note yields, mortgage rates have been dropping.

Citibank lowered their rate eight points to 4.94 percent. Interestingly, the bank still has higher rates over the last 100 days.

SunTrust lowered their conventional loan rate two points to 4.74 percent. Conventional loans do not include FHA and VA loans. Their 30-year FHA loans dropped two points to 5.02 percent.

Bank of America lowered their rate three points to 4.88 percent. In certain areas the rate dropped one point to 4.775 percent.

15-Year FRM and 5/1 ARM Rates

The average 15-year fixed mortgage rate fell five points to 4.046 percent.

Citibank lowered their rate eight points to 4.33 percent.

The average 5/1 adjustable rate mortgage (ARM) fell less than one point to 3.155 percent. Adjustable mortgages give borrowers initial low rates making it easier to qualify. These loans also protect the bank against high inflation.

Jumbo Mortgages

The average 30-year jumbo loan rate fell three points to 5.153 percent. These loans do not conform to Fannie Mae and Freddie Mac terms. They exceed the maximum set by the GSEs. For this reason they are riskier and carry a higher interest rate.

By: John Waters
Business Reporter

Click here for Current Mortgage Rates Today

Best Syndication News Mortgage Survey
Friday 1 Day 5 Day 30 Day 100-Day 1 Week
05/06/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.652% Average 30 yr fixed -3 -10 -26 -13 4.74%
4.046% Average 15 year FRM -5 -10 -16 -19 4.13%
3.155% Average 5/1 ARM 0 -3 -11 -10 3.18%
5.153% 30 Yr Fixed Jumbo -3 -8 -30 -9 5.22%
4.281% 15 Yr Fixed Jumbo -1 -6 -45 -13 4.33%
5/6/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
4.94% 30 Year Fixed -8 -15 2 13 5.07%
4.33% 15 Year Fixed -8 -17 12 -8 4.46%
3.26% 5/1 Libor ARM 0 -4 11 0 3.29%
5/6/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.74% 30 Yr Fixed Conventional -2 -7 -15 -1 4.80%
4.00% 15 Yr Fixed Conventional -4 -11 -22 -19 4.11%
5.52% 30 Yr Jumbo Fixed -10 -13 -25 -12 5.63%
2.62% Agency 5/1 ARM 30 Yr 0 -3 -59 -48 2.64%
2.90% Agency 7/1 ARM 30 Yr -1 -7 -53 -38 2.95%
5.02% 30 Yr FHA - Fixed -2 -5 -30 6 5.10%
05/06/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.88% 30-Year Fixed Rate -3 -3 -13 35 4.91%
4.02% 15-Year Fixed-Rate -9 -13 -27 4 4.13%
3.15% 5/1 ARM Rate -8 -9 -15 -4 3.24%
Certain Areas
4.775 30-Year Fixed Rate -1 -4 -5 25 4.88%
3.977 15-Year Fixed Rate -2 -8 -10 5 4.11%
3.31 7/1 ARM -5 -4 -14 -14 3.33%
3.115 5/1 ARM -2 -3 -20 -8 3.14%
* 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