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Current Mortgage Rates Today – Chase SunTrust and Citibank continue to lower loans
Submitted by John Waters on May 23, 2011 - 5:11pm.
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(Best Syndication News) Mortgage interest rates continued to fall today with benchmarks leading the way (see charts below).
Benchmarks
Rates in the United States are tied to various benchmarks including the 10-year note, the prime rate, and the 6-month LIBOR rate (see benchmark chart below).
Both the 6-month London Inter-Bank Offered Rate (LIBOR) fell 0.43 percent. The 10-year note yield fell 0.63 percent. Over the last five business days the 10-year not was one basis point higher. The prime rate remained 3.25 percent today.
30-Year Fixed Mortgage Rate
The average 30-year fixed rate mortgage (FRM) fell three basis points to 4.607 percent Monday. Over the last five-days the rate is two points higher.
Citibank lowered their rate 13 basis points to 4.65 percent.
SunTrust lowered their loans 12 points to 4.65 percent. The bank also offers 30-year FHA financing. That loan was four points lower to 5.02 percent.
These bank rates will depend on the borrower’s credit history and the location of the home. The bank will also consider the equity position for both a refinance and purchase loans.
Chase lowered their rate one point to 4.83 percent.
15-Year FRM and 5/1 ARM
The average 15-year rate fell three basis points to 4.027 percent.
Citibank lowered their rate nine points to 4.31 percent. Two weeks ago the bank quit advertising their 5-year adjustable rate mortgage (ARM).
The average 5-year ARM fell less than one point to 3.145 percent.
Jumbo Loans
Jumbo loans were lower today. The average 30-year jumbo mortgage rate fell seven points to 5.033 percent. The 15-year jumbo fell four points to 4.212 percent.
By: John Waters
Business Reporter
Benchmarks:
| 5/23/2011 | Benchmark | % One Day | % 5-Day |
| 3.250 | Prime rates | 0.00% | 0.00% |
| 4.61 | Bond Buyer's 20-yr bond index | 0.00% | 0.00% |
| 4.36 | FNMA 30 yr 60 days | 0.00% | -0.23% |
| 0.194 | 1 Month LIBOR Rate | -0.39% | -1.52% |
| 0.25675 | 3 Month LIBOR Rate | -0.29% | -1.15% |
| 0.4055 | 6 Month LIBOR Rate | -0.43% | -1.58% |
| 0.7305 | 1 Year LIBOR Rate | -0.34% | -0.68% |
| 2 | Call Money | 0.00% | 0.00% |
| 3.130 | 10-year Note | -0.63% | 0.32% |
Mortgage Rates:
| Best Syndication News Mortgage Survey | ||||||
| Monday | 1 Day | 5 Day | 30 Day | 100-Day | 1 Week | |
| 05/23/11 | Overall Average APR* | Point Ch. | Point Ch. | Point Ch. | Point Ch. | Average |
| 4.607% | Average 30 yr fixed | -3 | 2 | -44 | -45 | 4.62% |
| 4.027% | Average 15 year FRM | -3 | 1 | -32 | -49 | 4.04% |
| 3.145% | Average 5/1 ARM | 0 | 2 | -21 | -25 | 3.14% |
| 5.033% | 30 Yr Fixed Jumbo | -7 | -4 | -41 | -49 | 5.11% |
| 4.212% | 15 Yr Fixed Jumbo | -4 | -1 | -42 | -49 | 4.24% |
| 5/23/11 | Citi Financial | 1 Day | 5 Day | 30 Day | 100-Day | 1 Week |
| 4.89% | 30 Year Fixed | -13 | -4 | -32 | -24 | 4.99% |
| 4.31% | 15 Year Fixed | -9 | -1 | -38 | -42 | 4.37% |
| 5/23/11 | Sun Trust Bank | 1 Day | 5 Day | 30 Day | 100-Day | 1 Week |
| 4.65% | 30 Yr Fixed Conventional | -12 | 1 | -29 | -26 | 4.74% |
| 3.98% | 15 Yr Fixed Conventional | -4 | 0 | -40 | -46 | 4.02% |
| 5.25% | 30 Yr Jumbo Fixed | -15 | -13 | -52 | -63 | 5.44% |
| 2.66% | Agency 5/1 ARM 30 Yr | -1 | 5 | -61 | -58 | 2.64% |
| 2.93% | Agency 7/1 ARM 30 Yr | -2 | 4 | -58 | -56 | 2.93% |
| 5.02% | 30 Yr FHA - Fixed | -4 | 11 | -35 | -35 | 5.01% |
| 05/23/11 | Chase | 1 Day Pt | 5 Day Pt | 30 Day Pt | 100-Day | 1-wk Avg |
| 4.83% | 30-Year Fixed Rate | -1 | 0 | -36 | -25 | 4.84% |
| 4.59% | 20-Year Fixed Rate | -3 | 0 | -39 | -41 | 4.63% |
| 3.99% | 15-Year Fixed Rate | -4 | 0 | -36 | -49 | 4.01% |
| 3.33% | 7/1 ARM | -4 | 0 | -21 | -58 | 3.35% |
| 3.12% | 5/1 ARM | -1 | 0 | -17 | -43 | 3.13% |
| * Average includes more banks than listed | ||||||
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