Current Mortgage Rates Today – Citibank Lowers Loans While JPMorgan Raises Them

Graph of 15-year mortgage

(Best Syndication News) Mortgage interest rates were lower today as capital markets reluctantly moved into equities (see the mortgage rate charts below). The secondary lending market was mixed as were some of the lenders.

Benchmarks

European debt worries continued to fester as the three major indexes moved in and out of positive territory throughout the day. By the closing bell, the Dow Jones Industrial Average (DJIA) was up only seven points. The S&P 500 also ended higher however the NASDAQ closed down 0.15 percent.

The top economic concern came from Spain. The Spanish 10-year bond yield rate neared seven percent. As economists debate whether this higher yield rate is sustainable and whether the crisis will spread past Europe, investors were cautious.

Despite the migration to and from equities throughout the trading day, the Treasury Department said that bond prices fell allowing yields to increase. The 10-year note yield advanced two basis points (bps) to 1.68 percent (see the benchmark chart below).

Required net yield (RNY) rates were mixed. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their 30-year 30-day RNY rate one basis point while the Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 60-day RNY rate three bps.

The London InterBank Offered Rate declined today. The 6-month LIBOR hit 0.72065 percent and the 1-year LIBOR hit 1.0465 percent.

The Mortgage Bankers Association (MBA) said that loan volume decreased 1.8 percent last week. Their refinance index decreased two percent and their purchase index decreased one percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell two bps to 3.661 percent (see the mortgage rate charts below). The difference between the 10-year note yield and the average 30-year mortgage tightened four bps to 1.981 percent.

The average FHA loan rate fell one basis point to 4.083 percent and the average VA loan rate fell to 3.888 percent.

Citigroup Inc. (NYSE:C) lowered their conventional 30-year rate nine bps to 3.82 percent.

JPMorgan Chase & Co. (NYSE:JPM) raised their 30-year loan rate one point to 3.72 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell one basis point to 3.127 percent.

Citigroup lowered their 15-year rate five bps while JPM held their rate steady at 3.04 percent. JPM did raise their 20-year loan rate one point to 3.60 percent.

The average 5-year adjustable rate mortgage (ARM) advanced to 3.161 percent.

Jumbo Mortgages

While conventional mortgage rates slid jumbo mortgages began to ascend. The average 30-year jumbo mortgage rate jumped four bps to 4.182 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
08/08/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.66 Bond Buyer's 20-yr bond index 0 5 -29 -18 3.61
2.67 FHLMC 30 yr 30 days RNY -1 11 -23 -96 2.56
2.73 FHLMC 30 yr 60 days RNY 0 12 -22 -96 2.61
2.979 FNMA 30 yr 30 days RNY 3 10 -15 -70 2.827
3.031 FNMA 30 yr 60 days RNY 3 10 -14 -68 2.854
0.24025 1 Month LIBOR Rate 0 0 -1 0 0.23875
0.43675 3 Month LIBOR Rate 0 -1 -2 -4 0.43675
0.72065 6 Month LIBOR Rate 0 0 -1 -2 0.72065
1.0465 1 Year LIBOR Rate 0 0 -2 -1 1.0462
2 Call Money 0 0 0 0 2
2.39 20-year Bond Yield Rate * 2 19 7 -74 2.11
1.68 10-year Note Yield Rate * 2 17 3 -70 1.43
0.19 1-Year Note Yield Rate * 0 2 -2 -3 0.16
0.11 3- Month Note Yield Rate * 0 2 2 1 0.07
1.116 11th District Cost of Funds 0 0 -2 -11 1.116
2.280 Difference 3-mo & 20 yr ** 2 17 5 -75 2.01
1.981 Difference 10yr Note 30yr Loan -4 -11 -9 28 1.701
* Treasury Yields - DAILY

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
08/08/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.661% Average 30 yr fixed -2 6 -6 -42 3.52%
4.083% Average 30 yr FHA -1 5 -15 -60 3.96%
3.888% Average 30-yr VA -1 3 -3 -46 3.71%
3.127% Average 15 year FRM -1 1 -9 -43 3.11%
3.161% Average 5/1 ARM 0 0 -4 -2 3.11%
4.182% 30 Yr Fixed Jumbo 4 5 -9 -33 4.11%
3.217% 15 Yr Fixed Jumbo 0 5 -16 -49 3.17%
08/08/12 Citi Financial 1 Day 5 Day 30 Day 100-Day 100-Low
3.82% 30 Year Fixed -9 4 -24 -91 3.66%
3.22% 15 Year Fixed -5 2 -36 -93 3.15%
08/08/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.72% 30-Year Fixed Rate 1 2 -22 -72 3.59%
3.60% 20-Year Fixed Rate 1 1 -11 -61 3.49%
3.04% 15-Year Fixed Rate 0 -7 -23 -48 3.01%
3.16% 7/1 ARM -4 -4 -11 -23 3.15%
3.15% 5/1 ARM -3 -4 -11 -21 3.11%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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