Current Mortgage Rates – Chase SunTrust and PNC Banks make changes

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(Best Syndication News) Today mortgage rates were lower again after declines in the 10-year Note and 6-month LIBOR rates yesterday (see charts below).

Loan Benchmarks

Benchmark rates are used to determine mortgage and other personal loan rates (see benchmark table below). Yesterday the 10-year note yield rate and the 6-month LIBOR rate dropped. Friday we saw mortgage rates fall across the board and the two benchmarks continue to decline.

The Prime Rate is commonly used as a benchmark for adjustable rate mortgages (ARMs). The Prime Rate is tied to the Federal Funds Rate which has been in a range between zero and one-quarter percent. The Prime Rate is typically three percentage points higher.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell two basis points to 4.634 percent (see Best Syndication News Mortgage Survey chart below).

Chase lowered their rate two points to 4.84 percent today. The bank also provides 20-year financing. That rate declined 10 points to 4.62 percent.

There are many variables involved in determining a customer’s final interest rate. The location of the home, the credit score of the borrower and the loan amount are variables taken into account.

SunTrust lowered their rate one point to 4.77 percent.

PNC lowered their rate two points to 4.74 percent.

15-Year FRM and 5/1 ARM

The average 15-Year FRM fell two basis points to 4.054 percent today. These loans have higher monthly payments but can be paid off quicker with a lower overall cost.

Chase Bank lowered their rate two points to 4.03 percent.

The average 5-year ARM rate fell one basis point to 3.149 percent.

Jumbo Mortgages

The average 30-year jumbo mortgage rate fell six points to 5.099 percent. The average 15-year jumbo rates fell four basis points to 4.251 percent.

By: John Waters
Business Report

Benchmarks:

5/20/2011 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 0.00%
0.19475 1 Month LIBOR Rate -0.26%
0.2575 3 Month LIBOR Rate -0.39%
0.40725 6 Month LIBOR Rate -0.37%
0.733 1 Year LIBOR Rate -0.54%
2 Call Money 0.00%
3.150 10-year Note -0.63%

Mortgage Rates:

Best Syndication News Mortgage Survey
Friday 1 Day 5 Day 30 Day 100-Day 1 Week
05/20/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.634% Average 30 yr fixed -2 0 -43 -43 4.62%
4.054% Average 15 year FRM -2 1 -31 -50 4.03%
3.149% Average 5/1 ARM -1 1 -23 -26 3.14%
5.099% 30 Yr Fixed Jumbo -6 -1 -37 -50 5.11%
4.251% 15 Yr Fixed Jumbo -4 3 -41 -50 4.23%
5/20/11 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 1 Week
4.77% 30 Yr Fixed Conventional -1 2 -18 -18 4.73%
4.02% 15 Yr Fixed Conventional -5 2 -38 -48 4.02%
5.40% 30 Yr Jumbo Fixed -12 0 -49 -60 5.46%
2.67% Agency 5/1 ARM 30 Yr 0 5 -61 -58 2.64%
2.95% Agency 7/1 ARM 30 Yr -4 4 -59 -55 2.93%
5.06% 30 Yr FHA - Fixed 0 3 -32 -35 5.01%
5/20/11 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 1 Week
3.64% 10 Year Fixed -8 0 -46 -87 3.65%
3.94% 15 Year Fixed -4 0 -43 -56 3.94%
4.53% 20 Year Fixed -4 0 -44 -69 4.51%
4.74% 30 Year Fixed -2 8 -28 -26 4.67%
Certain Areas
3.65% 10 Year Fixed -5 0 -53 -113 3.65%
4.09% 15 Year Fixed -7 -7 -47 -101 4.08%
4.70% 20 Year Fixed 0 0 -50 -100 4.66%
4.84% 30 Year Fixed 0 0 -38 -52 4.80%
05/20/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.84% 30-Year Fixed Rate -2 -1 -38 -24 4.84%
4.62% 20-Year Fixed Rate -10 1 -47 -39 4.62%
4.03% 15-Year Fixed Rate -2 2 -36 -45 4.00%
3.37% 7/1 ARM -2 1 -23 -59 3.34%
3.13% 5/1 ARM -3 0 -20 -46 3.13%
* Average includes more banks than listed
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