Current Mortgage Rates Today – Bank of America and Citibank Lower Rates

graph of 10-year note yield

(Best Syndication News) Mortgage interest rates continue to trend lower as most lenders adjust their loan products to the common benchmarks (see the mortgage rate charts below). Loan rates at Bank of America and Citibank trended lower last week and are much lower over the last 100-business days.

Benchmarks

Stocks were higher last week as investors respond to better-than-expected earnings reports (see the stock chart below). The Dow Jones Industrial Average (DJIA) advanced 1.4 percent and the broader S&P 500 gained 0.60 percent. The tech-heavy NASDAQ lost 0.36 percent.

Although capital markets moved to some equities, the 10-year note yield ended the week one basis point lower (see the benchmark chart below).

Lenders will also consider the secondary lending market before adjusting their interest rates. The Federal National Mortgage Association (OTC:FNMA) lowered their required net yield (RNY) rates while the Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 60-day RNY rate.

The London InterBank Offered Rate (LIBOR) was mostly lower. On the week, the 6-month LIBOR and the 1-year LIBOR fell nearly one basis point.

The National Association of Home Builders released their builder confidence report last week. The NAHB Housing Market Index fell to 25 in April. Analysts had expected the index to increase from 28 in March to 29 in April.

The Department of Commerce said that there were fewer housing starts in March. Analysts had expected 700,000 housing starts - up from 694,000 in February - but there were only 654,000 starts.

The Mortgage Bankers Association (MBA) said that loan volume increased 6.9 percent last week.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell one basis point last week (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage tightened slightly.

Citigroup Inc. (NYSE:C) lowered their conventional 30-year mortgage rate two basis points (bps) to 4.33 percent last week.

Bank of America Corp (NYSE:BAC) lowered their rate two bps to 4.04 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell three bps last week.

Citigroup held their 15-year rate unchanged at 3.83 percent; however BAC lowered their rate 16 bps to 3.35 percent.

The average 5-year adjustable rate mortgage (ARM) gained less than one basis point.

Jumbo Mortgages

The average 30-year and 15-year jumbo mortgage rates traveled in opposite directions. The 30-year jumbo gained three bps while the 15-year jumbo rate fell five bps.

By: John Waters
Business Reporter

Benchmark Chart:


Friday 5 Day 30 Day 100-Day 100-Day 100-Day
4/20/2012 Benchmark Point Ch. Point Ch. Point Ch. High Low
3.250 Prime Rate 0 0 0 3.25 3.25
3.97 Bond Buyer's 20-yr bond index -11 25 -10 4.12 3.6
3.37 FHLMC 30 yr 30 days RNY 0 0 -18 3.63 3.19
3.41 FHLMC 30 yr 60 days RNY 1 0 -18 3.69 3.32
3.442 FNMA 30 yr 30 days RNY -1 6 -15 3.68 3.265
3.489 FNMA 30 yr 60 days RNY -1 4 -15 3.719 3.338
0.23975 1 Month LIBOR Rate 0 0 -3 0.2963 0.23975
0.46565 3 Month LIBOR Rate 0 -1 -6 0.5825 0.46565
0.7304 6 Month LIBOR Rate 0 -1 -2 0.812 0.7304
1.0477 1 Year LIBOR Rate 0 -1 -2 1.13035 1.0472
2 Call Money 0 0 0 2 2
2.75 20-year Bond Yield Rate * 0 -7 9 3.14 2.48
1.99 10-year Note Yield Rate * -1 -5 -1 2.39 1.82
0.18 1-Year Note Yield Rate (CMT) * 0 0 4 0.22 0.1
0.08 3 Month Bill Yield Rate * 0 -1 6 0.12 0.001
1.206 11th District Cost of Funds 0 -2 -7 1.276 1.201
2.670 Difference 3-mo & 20 yr ** 0 -6 3 3.04 2.47
1.896 Difference 10yr Note 30yr Loan 0 5 -15 2.107714 1.673
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:


Best Syndication News Mortgage Survey
Friday 5 Day 30 Day 100-Day 100-Day 100-Day
04/20/12 National Average APR* Point Ch. Point Ch. Point Ch. High Low
3.886% Average 30 yr fixed -1 0 -16 4.08% 3.85%
3.384% Average 15 year FRM -3 -2 -15 3.56% 3.38%
3.166% Average 5/1 ARM 0 5 -3 3.20% 3.11%
4.388% 30 Yr Fixed Jumbo 3 0 -15 4.55% 4.28%
3.476% 15 Yr Fixed Jumbo -5 -8 -33 3.81% 3.48%
4/20/12 Citi Financial 5 Day 30 Day 100-Day 100-High 100-Low
4.33% 30 Year Fixed -2 -8 -10 4.73% 4.17%
3.83% 15 Year Fixed 0 -11 -3 4.25% 3.62%
04/20/12 Bank of America 5 Day Pt 30 Day Pt 100-Day 100-High 100-Low
4.04% 30-Year Fixed Rate -2 -8 -24 4.54% 4.04%
3.35% 15-Year Fixed-Rate -16 -6 -20 3.77% 3.26%
3.27% 5/1 ARM Rate 0 -4 1 3.39% 3.26%
Certain Areas
4.267 30-Year Fixed Rate 0 9 11 4.536 4.053
3.643 15-Year Fixed Rate 0 -2 8 3.797 3.422
3.311 7/1 ARM 0 9 3 3.423 3.224
3.242 5/1 ARM 0 6 8 3.373 3.159
* Average includes more banks than listed

Stock Market Chart:

Friday World Stock Indexes 1 Day 1 Day 1 Week 30-Day 100-Day
4/20/2012 N. & S. AMERICA Pt Change % Change % Change % Change % Change
13,029.26 Dow Jones Industrial 65.16 0.50% 1.40% 0.54% 7.70%
1,378.53 S&P 500 1.61 0.12% 0.60% 0.54% 9.66%
3,000.45 NASDAQ Composite -7.11 -0.24% -0.36% 0.56% 12.98%
12,147.28 S&P TSX Canada -6.41 -0.05% 0.89% -2.26% 0.23%
62,494.08 Brazil Bovespa Stock -124.33 -0.20% 0.98% -5.86% 6.08%
39,354.86 IPC MXX - Mexico -40.78 -0.10% 2.37% 4.69% 6.07%
2,338.48 MerVal Buenos Aires -14.35 -0.61% -6.54% -11.50% -11.42%
804.05 Russell 2000 Sm-Cap 5.15 0.64% 0.97% -1.26% 7.63%
816.13 Russell 3000 98% Mkt 1.21 0.15% 0.67% 0.35% 9.66%

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