Current Mortgage Interest Rates Today – Lower Trend but PNC Chase and BofA raise home loans

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(Best Syndication News) Mortgage rates were mixed today with some banks lowering them and others raising them (see rate charts below).

Many banks use the London InterBank Offered Rate (LIBOR) and 10-year Treasury notes as a benchmark for their interest rates. The 10-year Treasury note fell two points (-0.63%) to 3.17 percent. The 1 Year LIBOR Rate fell to 0.75 from 0.78 last week.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell one basis point to 4.606 percent on Saturday. Over the last week the rate dropped five basis points.

PNC raised their 30-year FRM one basis point to 4.66 percent. In certain areas their rate decreased 18 points to 4.66 percent.

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

Chase raised their rate one point to 4.84 percent.

Both Chase and PNC (National City Bank) offer 20-year loans. Chase raised their rate one point to 4.60 percent.

Bank of America raised their rate two points to 4.79 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed mortgage rate fell less than one point to 4.021 percent today. PNC raised their rate two points to 3.94 percent.

The average 5-year adjustable rate mortgage (ARM) advanced less than one point to 3.137 percent.

Jumbo Mortgages

The average 30-year jumbo mortgage fell one basis point to 5.132 percent. These loans exceed the minimum allowed by Fannie Mae and Freddie Mac. They are considered non-conforming for that reason. Currently, the maximum is $417,000 in most states.

The average 15-year jumbo rate mortgage fell one point to 4.222 percent.

By: John Waters
Business Reporter

Best Syndication News Mortgage Survey
Saturday 1 Day 5 Day 30 Day 100-Day 1 Week
05/14/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.606% Average 30 yr fixed -1 -5 -38 -37 4.64%
4.021% Average 15 year FRM 0 -3 -29 -41 4.06%
3.137% Average 5/1 ARM 0 -2 -18 -22 3.15%
5.132% 30 Yr Fixed Jumbo -1 -2 -27 -34 5.14%
4.222% 15 Yr Fixed Jumbo -1 -6 -38 -44 4.27%
5/14/11 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 1 Week
3.64% 10 Year Fixed 2 -8 -35 -87 3.68%
3.94% 15 Year Fixed 2 -6 -33 -56 3.97%
4.51% 20 Year Fixed 0 -4 -36 -71 4.54%
4.66% 30 Year Fixed 1 -11 -24 -35 4.73%
Certain Areas
3.65% 10 Year Fixed 3 -10 -48 -113 3.71%
3.94% 15 Year Fixed -16 -23 -37 -116 4.15%
4.51% 20 Year Fixed -19 -19 -56 -119 4.70%
4.66% 30 Year Fixed -18 -19 -44 -71 4.84%
05/14/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.84% 30-Year Fixed Rate 1 1 -26 -14 4.84%
4.60% 20-Year Fixed Rate 1 0 -39 -38 4.61%
3.98% 15-Year Fixed Rate 0 3 -36 -41 3.98%
3.32% 7/1 ARM 1 -3 -27 -59 3.33%
3.11% 5/1 ARM 1 0 -17 -45 3.11%
05/14/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.79% 30-Year Fixed Rate 2 -8 -22 -9 4.85%
4.00% 15-Year Fixed-Rate 2 -2 -42 -29 4.04%
3.17% 5/1 ARM Rate 1 1 -18 -14 3.17%
Certain Areas
4.877 30-Year Fixed Rate 1 10 -11 1 4.84%
4.027 15-Year Fixed Rate 0 5 -39 -26 4.03%
3.316 7/1 ARM 1 1 -13 -13 3.31%
3.131 5/1 ARM 1 2 -22 -17 3.12%
* Average includes more banks than listed
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