Mortgage Rate Trends – HSBC Citibank and U.S. Bank make changes

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(Best Syndication News) Mortgage rates were higher today with some banks breaking through the five-percent barrier, but 10-year notes and the six-month Libor rates declined (see rate charts below).

The benchmark interest rates were lower today with the 10-year note yield hitting 3.170 percent (see benchmark chart below). Another big benchmark, the 6-month LIBOR (London Interbank Offered Rate) rate, was down to 0.40875 percent. Other LIBOR rates were lower with the exception of the 1-year LIBOR. The Prime Rate remained steady today.

30-Year Fixed Mortgage Rates

Yesterday 10-year notes were higher and today mortgage rates were higher. The average 30-year fixed rate mortgage (FRM) jumped five basis points to 4.657 percent.

HSBC raised their rate above five percent today. Their 30-year fixed purchase and refinance rates were 13 basis points higher to 5.02 percent.

Citibank also popped their rate above five percent too. Their loan rate was up eight points to 5.04 percent.

U.S. Bank raised their 30-year rate four basis points to 4.60 percent. Their 30-year VA financing jumped 26 points to 5.10 percent and their FHA loans were 13 points higher to 4.97 percent.

15-Year FRM and 5-Year ARM

The average 15-year fixed mortgage rate increased five basis points.

U.S. Bank offers both 20-year and 15-year mortgages. The bank raised both of those products today. Their 20-year rate was up one point to 4.47 percent and their 15-year loan jumped 11 basis points to 4.01 percent.

The average 5/1 adjustable rate mortgage (ARM) was up one basis point to 3.156 percent today.

Jumbo Loans

In most states jumbo loans exceed $417,000.

The average 30-year jumbo mortgage rate jumped seven points to 5.160 percent. The average 15-year jumbo was eight points higher to 4.290 percent.

By: John Waters
Business Reporter

Click here for Current Mortgage Rates Today

Benchmarks:

5/19/2011 Benchmark % One Day
3.250 Prime rates 0.00%
4.61 Bond Buyer's 20-yr bond index 0.00%
4.36 FNMA 30 yr 60 days -0.23%
0.19525 1 Month LIBOR Rate -0.89%
0.2585 3 Month LIBOR Rate -0.48%
0.40875 6 Month LIBOR Rate -0.79%
0.737 1 Year LIBOR Rate 0.20%
2 Call Money 0.00%
3.170 10-year Note -0.31%

Interest Rates:

Best Syndication News Mortgage Survey
Thursday 1 Day 5 Day 30 Day 100-Day 1 Week
05/19/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.657% Average 30 yr fixed 5 5 -37 -52 4.61%
4.071% Average 15 year FRM 5 5 -28 -55 4.02%
3.156% Average 5/1 ARM 1 2 -20 -27 3.14%
5.160% 30 Yr Fixed Jumbo 7 3 -29 -53 5.11%
4.290% 15 Yr Fixed Jumbo 8 7 -33 -51 4.22%
05/19/11 HSBC Point Ch. Point Ch. Point Ch. Point Ch. Average
4.24% 15 Year Purchase 0 0 -38 -63 4.24%
4.24% 15 Year Refinance 0 0 -38 -63 4.24%
5.02% 30 Year Purchase 13 0 -25 -50 4.97%
5.02% 30 Year Refinance 13 0 -25 -50 4.97%
4.94% 30 Year FHA/VA Purchase 0 0 -26 -37 4.94%
4.94% 30 Year FHA/VA Refinance 0 0 -26 -37 4.94%
4.64% 30 Year CommunityWorks 13 0 -25 -50 4.59%
3.21% 3/1 YR LIBOR ARM 0 0 -3 -8 3.21%
3.30% 5/1 YR LIBOR ARM 0 0 -9 -11 3.30%
5/19/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
5.04% 30 Year Fixed 8 11 -20 -28 4.95%
4.40% 15 Year Fixed 8 4 -33 -46 4.35%
5/19/11 U.S. Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.60% 30-Year Fixed 4 3 -25 -46 4.56%
4.47% 20-Year Fixed 1 1 -20 -49 4.46%
4.01% 15-Year Fixed 11 4 -18 -50 3.93%
3.72% 10-Year Fixed 8 3 -41 -74 3.66%
4.97% FHA 30-Year 13 13 -30 -39 4.84%
4.46% FHA 15-Year 0 0 -13 -51 4.43%
5.10% VA 30-Year 26 26 0 -38 4.85%
4.47% VA 15-Year 0 0 -38 -64 4.47%
3.41% 3-Year ARM 0 0 -3 -8 3.41%
3.46% 5-Year ARM 4 9 -4 -9 3.38%
4.74% Jumbo 30-Year 13 13 -25 -51 4.61%
4.28% Jumbo 15-Year 13 13 -25 -51 4.16%
* Average includes more banks than listed
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