Current Mortgage Rates Today – Wells Fargo and KeyBank Raise Loan Rates

Graph of VA loans

(Best Syndication News) Mortgage interest rates were higher today while some lenders made drastic changes in the opposite direction (see mortgage rate charts below). SunTrust lowered their rates substantially while KeyBank and Wells Fargo raised them.

Benchmarks

Money flowed back into equities most of the day allowing bond and note prices to fall. A positive retail sales number provided some optimism early but the three major U.S. indexes slowly lost steam as the day wore on.

The U.S. Department of Commerce said that retail sales increased 0.8 percent in July. This is the first increase since March and there were revisions for May and June. Home Depot, Inc. (NYSE:HD) rode a wave of increased spending as the home improvement supplier raised their earnings outlook and saw stabilization in sales.

Although the retail sales numbers improved, equity prices gradually crumbled. By the closing bell the Dow Jones Industrial Average (DJIA) was up only three points, however the NASDAQ and S&P 500 indexes declined in value.

The U.S. Treasury Department said that government bond and note prices began to sink driving yields higher. The 10-year note yield, a common benchmark for the 30-year loan, jumped eight basis points (bps) to 1.73 percent (see the benchmark chart below).

The 20-year bond-buyer’s index advanced nine bps to 3.75 percent.

Secondary lenders raised their required net yield (RNY) rates. The Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 60-day RNY rate seven bps to 2.82 percent. The Federal National Mortgage Association (OTC:FNMA) raised their rate one basis point to 3.03 percent.

The London InterBank Offered Rate (LIBOR) was mostly unchanged.

The U.S. Department of Labor said that their Producer Price Index (PPI) advanced 0.3 percent in July. Economists expected the PPI to increase only 0.2 percent after a 0.1 percent advance in June.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage advanced only one basis point to 3.689 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the average 30-year mortgage rate tightened seven bps to 1.959 percent.

The average FHA loan rate jumped five bps while the average 30-year VA mortgage rate hit 3.910 percent.

Wells Fargo & Company (NYSE:WFC) raised their conventional 30-year rate 13 bps to 4.05 percent.

KeyCorp (NYSE:KEY) raised their rate four bps to 3.81 percent. The lender raised their FHA loan rate only one basis point.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage (FRM) fell two bps to 3.15 percent.

WFC didn’t change their 15-year rate; however KEY raised their rate four bps to 3.14 percent.

The average 5-year adjustable rate mortgage (ARM) fell one basis point.

Jumbo Loans

The average 30-year jumbo mortgage rate advanced three bps to 4.213 percent. WFC raised their rate 13 bps to 4.38 percent.

By: John Waters
Business Reporter

Benchmark Charts:

Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
08/14/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.75 Bond Buyer's 20-yr bond index 9 9 -20 -20 3.61
2.77 FHLMC 30 yr 30 days RNY 7 10 -10 -81 2.56
2.82 FHLMC 30 yr 60 days RNY 7 9 -10 -80 2.61
2.975 FNMA 30 yr 30 days RNY 0 0 -8 -64 2.827
3.03 FNMA 30 yr 60 days RNY 1 0 -7 -63 2.854
0.2385 1 Month LIBOR Rate 0 0 -1 0 0.2385
0.4365 3 Month LIBOR Rate 0 0 -2 -4 0.4345
0.71915 6 Month LIBOR Rate 0 0 -2 -2 0.71915
1.046 1 Year LIBOR Rate 0 0 -2 -1 1.046
2 Call Money 0 0 0 0 2
2.45 20-year Bond Yield Rate * 8 6 9 -55 2.11
1.73 10-year Note Yield Rate * 8 5 8 -53 1.43
0.19 1-Year Note Yield Rate * 0 0 -2 0 0.16
0.11 3- Month Note Yield Rate * 0 0 2 2 0.07
1.116 11th District Cost of Funds 0 0 0 -11 1.116
2.340 Difference 3-mo & 20 yr ** 8 6 7 -57 2.01
1.959 Difference 10yr Note 30yr Loan -7 -2 -1 16 1.714333
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
08/14/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.689% Average 30 yr fixed 1 3 7 -37 3.52%
4.145% Average 30 yr FHA 5 6 1 -49 3.96%
3.910% Average 30-yr VA 0 2 3 -43 3.71%
3.105% Average 15 year FRM -2 -2 -8 -44 3.10%
3.134% Average 5/1 ARM -1 -3 -4 -2 3.11%
4.213% 30 Yr Fixed Jumbo 3 3 0 -31 4.11%
3.221% 15 Yr Fixed Jumbo 0 0 -11 -44 3.17%
08/14/12 Wells Fargo 1 Day 5 Day 30 Day 100-Day 100-Day
4.05% 30-Year Fixed 13 13 13 -26 3.80%
4.55% 30-Year Fixed FHA 14 14 0 -43 4.41%
3.18% 15-Year Fixed 0 0 0 -51 3.18%
3.07% 5-Year ARM 0 -4 -12 -4 3.07%
3.00% 5-Year ARM FHA 0 5 -9 -8 2.90%
Certain areas
4.13% 30-Year Fixed 13 13 13 -25 3.88%
4.78% 30-Year Fixed FHA 0 0 0 -15 4.63%
3.11% 5-Year ARM 0 -4 -8 -4 3.11%
Jumbo Loans
4.38% 30-Year Fixed 13 13 13 -38 4.13%
3.24% 5-Year ARM 0 0 -8 4 3.11%
08/14/12 Key Bank 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.81% 30-yr Fixed Rate 4 3 5 -47 3.60%
3.14% 15-yr Fixed Rate 4 7 5 -38 2.98%
Adjustable Rate Mortgage
3.23% 10/1 ARM 3 3 -10 -24 3.16%
3.08% 7/1 ARM 2 3 -2 -17 2.99%
3.09% 5/1 ARM 0 2 -4 -7 3.04%
3.51% 3/1 ARM 0 2 -6 -10 3.45%
FHA Loans
3.73% 30-yr FHA 1 8 8 -121 3.51%
3.80% 20-yr FHA 2 5 5 -93 3.58%
3.44% 15-yr FHA 2 10 11 -48 3.31%
VA Loans
3.73% 30-yr VA 1 6 10 -51 3.51%
3.74% 25-yr VA 1 7 10 -52 3.52%
3.79% 20-yr VA 2 5 7 -38 3.58%
3.43% 15-yr VA 2 8 11 -4 3.30%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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