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

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(Best Syndication News) After 10 days of decreases, mortgage interest rates increased Monday (see rate charts below). Fixed rates are still at historic lows with the Federal Funds rate between a range of zero and one quarter percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) rose two basis points to 4.630 percent today. One basis point is equivalent to 1/100th of a percentage point.

Citibank raised their conforming rate five points to 4.85 percent.

There are debt-to-income limits and documentation requirements for conforming loans. Both Fannie Mae and Freddie Mac require that loans not exceed $417,000.

Chase raised their 30-year FRM one point to 4.85 percent. The bank also offers 20-year loans. That rate was one basis point higher to 4.61 percent.

Bank of America increased their rate 15 basis points to 4.94 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage was two points higher today to 4.045 percent.

Citibank raised their rate four points to 4.40 percent. The 15-year loan has a shorter term allowing homeowners to pay-off their loan quicker. The payments are higher but the interest rate is typically lower.

Chase raised their rate four points to 4.01 percent.

The average 5-year adjustable rate mortgage (ARM) was up less than one basis point to 3.140 percent.

Bank of America lowered their rate one basis point to 3.15 percent. In certain areas that rate was 3.122 percent.

Jumbo Loan Rates

The average 30-year jumbo mortgage rate fell two basis points to 5.109 percent. These loans exceed the maximum allowed by Freddie Mac and Fannie Mae and are more difficult to sell. There is a premium paid for the added risk.

Wells Fargo was offering their 30-year jumbo mortgages for 5.26 percent.

By: John Waters
Business Reporter

Click here for Current Mortgage Rates Today

Best Syndication News Mortgage Survey
Monday 1 Day 5 Day 30 Day 100-Day 1 Week
05/16/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.630% Average 30 yr fixed 2 -1 -40 -36 4.63%
4.045% Average 15 year FRM 2 0 -31 -39 4.04%
3.140% Average 5/1 ARM 0 -1 -20 -22 3.14%
5.109% 30 Yr Fixed Jumbo -2 2 -35 -38 5.13%
4.226% 15 Yr Fixed Jumbo 0 0 -42 -46 4.26%
5/16/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
4.98% 30 Year Fixed 5 5 -26 -14 4.94%
4.40% 15 Year Fixed 4 8 -37 -29 4.33%
3.26% 5/1 Libor ARM 0 0 -19 -17 3.26%
05/16/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.85% 30-Year Fixed Rate 1 1 -35 -11 4.84%
4.61% 20-Year Fixed Rate 1 0 -41 -28 4.60%
4.01% 15-Year Fixed Rate 4 2 -36 -34 3.98%
3.36% 7/1 ARM 4 4 -29 -48 3.33%
3.13% 5/1 ARM 2 2 -19 -42 3.11%
05/16/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.94% 30-Year Fixed Rate 15 6 -10 4 4.82%
4.06% 15-Year Fixed-Rate 6 0 -42 -23 4.01%
3.15% 5/1 ARM Rate -1 1 -20 -16 3.16%
Certain Areas
4.902 30-Year Fixed Rate 3 11 -12 5 4.86%
4.03 15-Year Fixed Rate 0 1 -44 -26 4.04%
3.317 7/1 ARM 0 2 -13 -13 3.31%
3.122 5/1 ARM -1 1 -24 -19 3.12%
* Average includes more banks than listed
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