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Current Mortgage Rates Today – Chase and PNC Make Changes

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(Best Syndication News) Mortgage interest rates were mostly higher today, however, some lenders lowered their loan products (see the mortgage rate tables below). Chase and Citibank lowered their rates while KeyBank and Bank of America raised them.

Benchmarks

Scared investors fled the stock market Monday after more European sovereign debt fears permeated the capital markets. Fear drove the capital markets into safe-havens like U.S. government Treasuries.

Increased competition pushed bond and note prices higher, driving down yields. The 10-year note yield fell four basis points to 1.93 percent (see the benchmark chart below).

Freddie Mac (FHLMC) lowered their required net yield (RNY) rates while Fannie Mae (FNMA) raised them. The FNMA 30-year 60-day RNY increased six basis points (bps) to 3.418 percent.

The London InterBank Offered Rate (LIBOR) was mixed Monday. The 6-month LIBOR increased to 0.76875 percent while the 1-year LIBOR fell to 1.08275 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) increased two bps to 4.025 percent (see the mortgage rate chart below). The difference between the 10-year note and the average 30-year loan rate increased six points to 2.095 percent.

Chase lowered their rate one point to 3.96 percent; however, PNC raised their rate 13 bps to 4.39 percent.

The final interest rate will depend on the credit score of the borrower and the location of the home (among other things). Regional constraints and competition may also put pressure on interest rates.

15-Year FRM and 5-Year ARM

The average 15-year fixed rate mortgage increased less than one point to 3.487 percent.

PNC held their rate steady; however Chase lowered their rate four bps to 3.24 percent. The lender also lowered their 20-year mortgage rate eight bps to 3.76 percent.

The average 5-year adjustable rate mortgage (ARM) increased one basis point to 3.164 percent.

Jumbo Loans

The average 30-year jumbo mortgage rate increased to 4.398 percent. The average 15-year jumbo loan fell one point to 3.683 percent.

By: John Waters
Business Reporter

Benchmark Index Chart:


Monday 1 Day 5 Day 30 Day 100-Day 100-Day
2/6/2012 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. High
3.250 Prime Rate 0 0 0 0 3.25
3.68 Bond Buyer's 20-yr bond index 0 0 -24 -46 4.17
3.22 FHLMC 30 yr 30 days RNY -5 -4 -28 -35 3.75
3.36 FHLMC 30 yr 60 days RNY -5 -1 -19 -27 3.79
3.332 FNMA 30 yr 30 days RNY 6 3 -17 -30 3.778
3.418 FNMA 30 yr 60 days RNY 6 1 -14 -24 3.838
0.25975 1 Month LIBOR Rate 0 -1 -3 3 0.2963
0.52325 3 Month LIBOR Rate 0 -2 -5 18 0.5825
0.76875 6 Month LIBOR Rate 0 -1 -3 26 0.812
1.08275 1 Year LIBOR Rate 0 -1 -4 25 1.13035
2 Call Money 0 0 0 0 2
2.71 20-year Bond Yield Rate * -5 12 4 -13 3.18
1.93 10-year Note Yield Rate * -4 10 -4 -1 2.42
0.14 1-Year Note Yield Rate (CMT) * 0 1 2 3 0.14
0.08 3 Month Bill Yield Rate * 0 2 7 7 0.08
1.221 11th District Cost of Funds 0 0 0 -13 1.35
2.630 Difference 3-mo & 20 yr ** -5 10 -3 -20 3.16
2.095 Difference 10yr Note 30yr Loan 6 -1 17 -7 2.345933
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:


Best Syndication News Mortgage Survey
Monday 1 Day 5 Day 30 Day 100-Day 100-Day
02/06/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. High
4.025% Average 30 yr fixed 2 9 13 -8 4.23%
3.487% Average 15 year FRM 0 2 6 -5 3.70%
3.164% Average 5/1 ARM 1 1 -2 11 3.20%
4.398% 30 Yr Fixed Jumbo 0 6 -2 -27 4.80%
3.683% 15 Yr Fixed Jumbo -1 19 -4 -12 4.11%
2/6/12 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-High
3.45% 10 Year Fixed 0 43 76 41 3.45%
3.63% 15 Year Fixed 0 16 68 23 3.63%
4.48% 20 Year Fixed 0 35 68 57 4.48%
4.39% 30 Year Fixed 13 26 56 27 4.39%
Certain Areas
3.94% 10 Year Fixed 0 50 125 90 3.94%
4.28% 15 Year Fixed -2 39 114 71 4.30%
4.85% 20 Year Fixed 0 26 101 75 4.85%
4.63% 30 Year Fixed 1 25 67 30 4.63%
02/06/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-High
3.96% 30-Year Fixed Rate -1 -2 -23 -23 4.57%
3.76% 20-Year Fixed Rate -8 -8 -21 -16 4.48%
3.24% 15-Year Fixed Rate -4 -4 -16 -16 3.90%
3.23% 7/1 ARM 0 2 -16 20 3.49%
3.18% 5/1 ARM 0 3 -9 24 3.27%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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