Current Mortgage Interest Rates Today – Wells Fargo Citibank and Bank of America make changes

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(Best Syndication News) Mortgage rates were higher today, bucking a one week trend (see rate charts below).

The 10-year note yield rate jumped to 3.18 percent Wednesday (see benchmark chart below). Banks consider various benchmark reference rates when determining the rate they will charge their customers.

The prime rate is 3.25 percent today. Many banks will use this rate as a benchmark for Adjustable Rate Mortgages (ARM).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) jumped two basis points to 4.610 percent Wednesday. The trend is still lower for the week, month, and 100-day period.

Wells Fargo raised their 30-year FRM 13 basis points to 4.81 percent. The bank also offers FHA financing. That rate was steady at 5.39 percent, but in certain areas their rate was 14 basis points higher to 5.47 percent.

The Federal Housing Administration (FHA) does not purchase loans the way Fannie Mae and Freddie Mac do, but they do guarantee them. Borrowers can qualify for a loan with lower income requirements and loan-to-value ratios. They are riskier than other conventional loans, but they are also priced higher.

Citibank raised their rate two points to 4.96 percent.

Bank of America raised their rate 14 basis points to 4.93 percent.

15-Year FRM and 5/1 ARM

The average 15-year FRM increased less than one point to 4.018 percent. Bank of America raised their rate nine points 4.04 percent.

The average 5-year adjustable rate mortgage jumped one point to 3.144 percent.

Jumbo Loans

Jumbo loans exceed the maximum allowed by Fannie Mae. They are non-conventional loans and require higher interest rates to compensate for the risk.

The average 30-year jumbo rate increased two points to 5.093 percent and the average 15-year jumbo fell one point to 4.209 percent.

By: John Waters
Business Reporter

Click here for Current Mortgage Rates Today

Benchmarks:

5/18/2011 Benchmark
3.250 Prime rates
4.610 Bond Buyer's 20 bond index
4.370 FNMA 30 yr 60 days
0.197 1 Month LIBOR Rate
0.260 3 Month LIBOR Rate
0.412 6 Month LIBOR Rate
0.736 1 Year LIBOR Rate
2.000 Call Money
3.180 10-year Note

Interest Rates:

Best Syndication News Mortgage Survey
Wednesday 1 Day 5 Day 30 Day 100-Day 1 Week
05/18/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.610% Average 30 yr fixed 2 -1 -44 -55 4.61%
4.018% Average 15 year FRM 0 -1 -35 -57 4.03%
3.144% Average 5/1 ARM 1 1 -22 -25 3.14%
5.093% 30 Yr Fixed Jumbo 2 -4 -38 -54 5.12%
4.209% 15 Yr Fixed Jumbo -1 -2 -45 -54 4.24%
Wednesday 1 Day 5 Day 30 Day 100-Day 1 Week
05/18/11 Wells Fargo Point Ch. Point Ch. Point Ch. Point Ch. Average
4.81% 30-Year Fixed 13 0 -38 -63 4.79%
5.39% 30-Year Fixed FHA 0 0 -38 -64 5.44%
4.07% 15-Year Fixed 0 0 -50 -63 4.09%
3.17% 5-Year ARM 4 0 -18 -13 3.16%
3.24% 5-Year ARM FHA 0 -8 -18 7 3.31%
Certain areas
4.76% 30-Year Fixed 0 0 -50 -63 4.79%
5.47% 30-Year Fixed FHA 14 0 -24 -50 5.47%
3.21% 5-Year ARM 4 4 -18 -18 3.18%
Jumbo Loans
5.14% 30-Year Fixed 0 -13 -38 -51 5.24%
3.34% 5-Year ARM 0 0 -9 -14 3.34%
5/18/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
4.96% 30 Year Fixed 2 2 -23 -38 4.94%
4.33% 15 Year Fixed 0 0 -37 -58 4.35%
05/18/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.93% 30-Year Fixed Rate 14 16 -9 -22 4.82%
4.04% 15-Year Fixed-Rate 9 6 -40 -49 4.00%
3.16% 5/1 ARM Rate 1 1 -20 -19 3.16%
Certain Areas
4.893 30-Year Fixed Rate -1 3 -11 -24 4.89%
4.015 15-Year Fixed Rate -2 -1 -42 -51 4.03%
3.288 7/1 ARM -3 -2 -15 -15 3.31%
3.134 5/1 ARM 1 1 -23 -22 3.13%
* Average includes more banks than listed
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