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Current Mortgage Rates Today – Changes at Chase, Bank of America and other lenders

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(Best Syndication News) Mortgage interest rates were lower today as lenders scrambled to compete in the capital markets (see the mortgage rate charts below). KeyBank, PNC, and Bank of America lowered their rates while JPMorgan Chase raised them.

Benchmarks

The benchmarks were mixed Thursday as the secondary market lowered their required yield rates and investors slowly moved from government Treasuries into equities.

Despite a disappointing initial jobless claims report early Thursday, all three major indexes advanced. The DJIA gained 0.17 percent while the S&P 500 and NASDAQ performed even better.

As money moved from government securities into equities, bonds and note prices declined and yields moved higher. The 10-year note yield advanced one basis point to 1.94 percent (see the benchmark chart below).

Fannie Mae (FNMA) and Freddie Mae (FHLMC) required net yield (RNY) rates trended in opposite directions. The FNMA 30-year 30-day RNY rate fell four basis points (bps) to 3.352 percent.

The London InterBank Offered Rate (LIBOR) continued to decline Thursday. The LIBOR, a common index used for adjustable rate mortgages (ARMS), has declined four straight days. The 6-mont LIBOR hit 0.80225 percent and the 1-year LIBOR hit 1.11945 percent.

The Federal Reserve’s discount lending window was $8.63 billion Wednesday, down from $8.98 billion a week earlier.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage was nearly unchanged but slightly lower at 3.879 percent Thursday (see the mortgage rate chart below). The difference (spread) between the average 30-year loan rate and the 10-year note tightened to just 1.939 percent.

Chase raised their 30-year fixed mortgage rate one point to 4.20 percent. Bank of America lowered their rate two points to 4.273 percent.

KeyBank lowered their FHA loans and the VA financing Thursday.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate declined one point to 3.424 percent.

Chase raised their 15-year rate two points to 3.44 percent. The bank also raised their 20-year fixed mortgage rate one point to 4.01 percent.

The average 5-year adjustable rate mortgage (ARM) advanced one basis point to 3.184 percent.

Jumbo Loans

Most lenders lowered their jumbo mortgage rates Thursday. The average 15-year jumbo loan rate fell five bps to 3.595 percent.

By: John Waters
Business Reporter

Benchmark Chart:


Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
1/12/2012 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.83 Bond Buyer's 20-yr bond index 0 -5 -24 -36 3.83
3.35 FHLMC 30 yr 30 days RNY 0 -4 -20 -19 2.92
3.48 FHLMC 30 yr 60 days RNY -1 5 -11 -11 3
3.352 FNMA 30 yr 30 days RNY -4 -7 -23 -28 3.327
3.481 FNMA 30 yr 60 days RNY -4 -6 -14 -19 3.373
0.2896 1 Month LIBOR Rate -1 -1 2 8 0.213
0.5715 3 Month LIBOR Rate -1 -1 4 27 0.29778
0.80225 6 Month LIBOR Rate 0 -1 5 34 0.46294
1.11945 1 Year LIBOR Rate 0 -1 5 34 0.78017
2 Call Money 0 0 0 0 2
2.65 20-year Bond Yield Rate * 2 -5 -12 -37 2.48
1.94 10-year Note Yield Rate * 1 -4 -14 -14 1.72
0.11 1-Year Note Yield Rate (CMT) * 0 -1 -1 1 0.08
0.03 3 Month Bill Yield Rate * 1 1 2 2 0
1.201 11th District Cost of Funds 0 0 -2 -14 1.201
2.620 Difference 3-mo & 20 yr ** 1 -6 -14 -39 2.47
1.939 Difference 10yr Note 30yr Loan -1 5 -1 -37 1.741667
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:


Best Syndication News Mortgage Survey
Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
01/12/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.879% Average 30 yr fixed 0 1 -15 -51 3.85%
3.424% Average 15 year FRM -1 1 -11 -33 3.39%
3.184% Average 5/1 ARM 1 5 0 14 2.98%
4.348% 30 Yr Fixed Jumbo -1 -3 -18 -35 4.35%
3.595% 15 Yr Fixed Jumbo -5 -8 -20 -29 3.60%
01/12/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
4.20% 30-Year Fixed Rate 1 1 12 -63 3.86%
4.01% 20-Year Fixed Rate 1 0 4 -72 3.86%
3.44% 15-Year Fixed Rate 2 0 2 -70 3.38%
3.32% 7/1 ARM -1 -6 -12 24 2.91%
3.22% 5/1 ARM -1 -4 -4 27 2.81%
01/12/12 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
4.28% 30-Year Fixed Rate 0 0 0 -2 4.04%
3.55% 15-Year Fixed-Rate 0 0 0 6 3.25%
3.26% 5/1 ARM Rate 0 0 0 22 2.50%
Certain Areas
4.273 30-Year Fixed Rate -2 -2 9 -4 4.014
3.674 15-Year Fixed Rate -4 -6 10 12 3.461
3.365 7/1 ARM -1 -2 0 22 3.032
3.321 5/1 ARM -1 -2 8 36 2.945
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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