Current Mortgage Interest Rates Mixed Today – Chase rate higher while SunTrust lower

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(Best Syndication News) Mortgage rates were mixed today with a decrease in the 30-year rate but an increase in the 15-year rate (see chart below for details).

30-year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell another basis point Wednesday after dropping nine points over the last week.

The 10-year Treasury note yield increased today and Chase raised their interest rates. The 10-year note yield, a benchmark for some lenders, increased six points to 3.23 percent.

Chase bank raised their 30-year rate one basis point to 4.85 percent. The trend is still lower for the week. The bank rate is down three points.

SunTrust lowered their rate one point to 4.74 percent. The bank also offers 30-year FHA financing. That rate was one point lower to 5.02 percent.

Bank of America lowered their rate nine basis points to 4.79 percent. In certain areas they raised their rate eight points to 4.874 percent.

The final interest rate will depend on the borrower’s credit score, the location of the home and the loan amount.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage was one point higher to 4.059 percent. SunTrust lowered their rate two points to 4.00 percent.

The 15-year loans have higher monthly payments but half the term, when compared to a 30-year loan. The borrower will save a fortune in interest payments and the total cost of the loan is much lower.

The average 5-year adjustable rate mortgage (ARM) was one point lower to 3.141 percent.

Jumbo Loans

Jumbo mortgages were higher today. These loans exceed the maximum allowed by Fannie Mae. The average 30-year jumbo mortgage rate increased six points and the average 15-year jumbo increased eight points.

See the chart below for details.

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
05/10/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.634% Average 30 yr fixed -1 -9 -30 -32 4.69%
4.059% Average 15 year FRM 1 -6 -13 -34 4.09%
3.141% Average 5/1 ARM -1 -4 -16 -19 3.16%
5.148% 30 Yr Fixed Jumbo 6 -8 -21 -26 5.18%
4.313% 15 Yr Fixed Jumbo 8 -2 -19 -31 4.29%
5/10/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.74% 30 Yr Fixed Conventional -1 -6 -16 -16 4.77%
4.00% 15 Yr Fixed Conventional -2 -9 -22 -42 4.05%
5.40% 30 Yr Jumbo Fixed -1 -24 -38 -38 5.56%
2.62% Agency 5/1 ARM 30 Yr 1 -4 -58 -57 2.63%
2.93% Agency 7/1 ARM 30 Yr 3 -2 -50 -47 2.92%
5.02% 30 Yr FHA - Fixed -1 -13 -30 -33 5.06%
05/10/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.85% 30-Year Fixed Rate 1 -3 -22 -12 4.86%
4.64% 20-Year Fixed Rate 3 -10 -25 -32 4.66%
4.01% 15-Year Fixed Rate 2 -2 -25 -38 4.01%
3.35% 7/1 ARM 3 -2 -18 -55 3.35%
3.12% 5/1 ARM 1 -2 -12 -43 3.12%
05/10/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.79% 30-Year Fixed Rate -9 -13 -21 -2 4.90%
4.02% 15-Year Fixed-Rate -4 -11 -27 -23 4.09%
3.17% 5/1 ARM Rate 2 -8 -15 -10 3.20%
Certain Areas
4.874 30-Year Fixed Rate 8 1 -7 8 4.83%
4.091 15-Year Fixed Rate 7 1 -20 -16 4.05%
3.313 7/1 ARM 1 -3 -13 -13 3.31%
3.119 5/1 ARM 1 -1 -19 -15 3.12%
* Average includes more banks than listed
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