Mortgage Interest Rates Today – Indexes and Loans Trending Lower – Wells Fargo Citibank and Chase

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(Best Syndication News) Mortgage loan rates are lower today along with the benchmarks that banks use to determine them (see charts below). The trend Wednesday is lower after two days of advances.

Benchmarks

Banks use several indexes to determine their fixed and adjustable rate mortgages (see benchmark chart below). The most common benchmark is the 6-month London InterBank Offered Rate (LIBOR). That rate fell from 0.401 on Tuesday to 0.39775 Wednesday.

The 3-month and 1-year LIBOR rates were also lower.

The 10-year Treasury yield rate fell slightly to 2.98 percent. The 1-year Constant Maturity Treasury (CMT) note was unchanged at 0.18 percent.

The 11th District Cost of Funds Index (COFI) and Prime Rate did not change. The Prime Rate and Federal Funds rate will not likely change any time soon.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell five basis points to 4.472 percent (see mortgage rate chart below).

Citibank lowered their 30-year rate nine points to 4.74 percent.

The Wells Fargo 30-year loan rate fell 13 basis points to 4.56 percent. Their FHA rate fell 13 points to 5.25 percent.

The FHA (Federal Housing Administration) guarantees loans. Typically the borrower will provide a lower down payment.

15-Year FRM and 5/1 ARM

The average 15-year fixed mortgage rate fell five points to 3.882 percent. Interestingly, Citibank raised their rate three points to 4.19 percent.

Wells Fargo lowered their rate 25 basis points to 3.82 percent.

The average 5-year adjustable rate mortgage (ARM) fell less than one point to 3.090 percent.

Jumbo Loans

The average 30-year jumbo loan rate fell nine basis points to 4.823 percent.

Jumbo loans exceed the conventional conforming loan limits set by Fannie Mae and Freddie Mac. The jumbo loan rates are higher than conventional loan rates.

The 15-year jumbo mortgage rate fell 12 basis points to 4.031 percent.

By: John Waters
Business Reporter

Click here for Current Mortgage Rates Today

Benchmark Indexes:

6/8/2011 Benchmark % One Day % 5-Day
3.250 Prime rates 0.00% 0.00%
4.51 Bond Buyer's 20-yr bond index 0.00% -0.44%
4.27 FNMA 30 yr 60 days -1.39% -1.39%
0.18955 1 Month LIBOR Rate 0.00% -0.33%
0.25025 3 Month LIBOR Rate -0.60% -0.69%
0.39775 6 Month LIBOR Rate -0.81% -0.90%
0.72175 1 Year LIBOR Rate -0.45% -0.76%
2 Call Money 0.00% 0.00%
3.88 20-year Bond Yield Rate * -1.52% -1.02%
2.98 10-year Note Yield Rate * -1.00% -1.97%
0.18 1-Year Note Yield Rate (CMT) * 0.00% -5.26%
0.04 3 Month Bill Yield Rate * -20.00% 0.00%
1.359 11th District Cost of Funds Index 0.00% 0.00%
3.840 Difference 3-mo & 20 yr ** -1.29% -1.03%
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rates:

Best Syndication News Mortgage Survey
Wednesday 1 Day 5 Day 30 Day 100-Day 1 Week
06/08/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
4.472% Average 30 yr fixed -5 -4 -36 -52 4.51%
3.882% Average 15 year FRM -5 -7 -39 -55 3.94%
3.090% Average 5/1 ARM 0 -2 -12 -31 3.10%
4.823% 30 Yr Fixed Jumbo -9 -4 -53 -66 4.88%
4.031% 15 Yr Fixed Jumbo -12 -14 -44 -69 4.15%
06/08/11 Wells Fargo Point Ch. Point Ch. Point Ch. Point Ch. Average
4.56% 30-Year Fixed -13 -13 -51 -51 4.69%
5.25% 30-Year Fixed FHA -13 -13 -55 -37 5.39%
3.82% 15-Year Fixed -25 -25 -50 -76 4.04%
3.08% 5-Year ARM 0 -4 -13 -22 3.11%
3.24% 5-Year ARM FHA 0 -8 -26 7 3.30%
Certain areas
4.63% 30-Year Fixed 0 0 -38 -50 4.63%
5.20% 30-Year Fixed FHA -27 -13 -54 -37 5.36%
3.12% 5-Year ARM 0 -4 -9 -27 3.15%
Jumbo Loans
5.01% 30-Year Fixed -13 0 -38 -25 5.11%
3.26% 5-Year ARM -4 -4 -13 -22 3.29%
6/8/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
4.74% 30 Year Fixed -9 -2 -45 -34 4.79%
4.19% 15 Year Fixed 3 3 -51 -42 4.20%
06/08/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
4.69% 30-Year Fixed Rate -3 -2 -29 -24 4.72%
4.47% 20-Year Fixed Rate -4 -2 -39 -41 4.49%
3.82% 15-Year Fixed Rate -7 -9 -43 -56 3.90%
3.25% 7/1 ARM -2 -2 -22 -71 3.27%
3.07% 5/1 ARM -1 -1 -12 -44 3.08%
* Average includes more banks than listed
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