Mortgage Rates continue on downward trend today – Chase SunTrust and PNC lead the way

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(Best Syndication News) Mortgage interest rates fell across the board today, continuing a long-term trend (see rate tables below).

The 10-year note, the benchmark for some lender rates, has been falling over the last day, month and 100-day period. The 10-year note yield hit 3.12 percent Tuesday. See the Benchmark Rate Chart below for more details.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell four basis points to 4.587 percent Tuesday. Over the last 100-days, the rate has fallen 48 basis points. One basis point equals 1/100th of a percentage point.

Some of the major banks led the downward trend today. SunTrust lowered their conventional loan rate 11 basis points to 4.64 percent. Their FHA rates fell 11 points to 4.91 percent.

PNC lowered their rate two points to 4.63 percent. Their upper-end rate was unchanged at 4.84 percent.

Chase lowered their rate two points to 4.83 percent. Chase also lowered their 20-year mortgage rates two points to 4.59 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell three basis points to 4.014 percent. This particular loan has seen a 1-year point drop of 48 basis points.

Chase lowered their rate two basis points to 3.99 percent and PNC lowered their base rate two points to 3.92 percent.

The average 5-year adjustable rate mortgage (ARM) fell one point to 3.130 percent today.

SunTrust lowered their rate one point to 2.61 percent. These loans stay fixed (usually at a very low initial rate) for five years, but then adjust.

Jumbo Mortgages

Jumbo loans have also been on a downward trend. Today the 30-year jumbo FRM fell four points to 5.072 percent.

The 15-year jumbo loan rate fell less than one point to 4.22 percent.

By: John Waters
Business Reporter

Click here for Current Mortgage Rates Today

Benchmark Rates:

Rate Index
0.7355 1 Year LIBOR Rate
0.412 6 Month LIBOR Rate
0.25975 3 Month LIBOR Rate
0.197 1 Month LIBOR Rate
3.12 10-year Note
4.61 Bond Buyer's 20 bond index
2 Call Money
4.37 FNMA 30 yr Mtg Com del 60 days

Today's Mortgage Rates:

Best Syndication News Mortgage Survey
Tuesday 1 Day 5 Day 30 Day 100-Day 1 Week
05/17/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.587% Average 30 yr fixed -4 -5 -43 -48 4.63%
4.014% Average 15 year FRM -3 -5 -33 -48 4.04%
3.130% Average 5/1 ARM -1 -1 -22 -26 3.14%
5.072% 30 Yr Fixed Jumbo -4 -8 -39 -49 5.12%
4.222% 15 Yr Fixed Jumbo 0 -9 -39 -51 4.24%
5/17/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.64% 30 Yr Fixed Conventional -11 -11 -31 -39 4.75%
3.98% 15 Yr Fixed Conventional -2 -2 -42 -49 4.01%
5.38% 30 Yr Jumbo Fixed -2 -2 -51 -63 5.44%
2.61% Agency 5/1 ARM 30 Yr -1 -1 -66 -63 2.62%
2.89% Agency 7/1 ARM 30 Yr -2 -4 -61 -61 2.92%
4.91% 30 Yr FHA - Fixed -11 -11 -48 -53 5.03%
5/17/11 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 1 Week
3.62% 10 Year Fixed -2 -5 -40 -89 3.65%
3.92% 15 Year Fixed -2 -4 -44 -58 3.94%
4.46% 20 Year Fixed -7 -7 -45 -76 4.52%
4.63% 30 Year Fixed -2 -11 -32 -37 4.69%
Certain Areas
3.62% 10 Year Fixed -3 -8 -50 -116 3.67%
4.07% 15 Year Fixed -9 -9 -25 -102 4.10%
4.70% 20 Year Fixed 0 0 -41 -100 4.66%
4.84% 30 Year Fixed 0 0 -27 -52 4.80%
05/17/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.83% 30-Year Fixed Rate -2 -2 -37 -36 4.84%
4.59% 20-Year Fixed Rate -2 -5 -41 -52 4.61%
3.99% 15-Year Fixed Rate -2 -2 -36 -50 3.99%
3.33% 7/1 ARM -3 -2 -27 -58 3.33%
3.12% 5/1 ARM -1 0 -17 -45 3.11%
* Average includes more banks than listed
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