Current Mortgage Rates Today – U.S. Bank Raises Rates while JPMorgan Chase Lowers Them

30-Year Mortgage Rates

(Best Syndication News) Mortgage interest rates generally trended higher today as lenders scattered in opposite directions (see the mortgage rate charts below). JPMorgan Chase and Citibank lowered their rates while U.S. Bank, SunTrust, PNC, and other banks raised them.

Benchmarks

Stock prices nose-dived Friday as investors continued to fret over the consequences of Hurricane / Super-storm Sandy and the election Tuesday. Economic news weighed on the market as a mixed-bag of results prompted the pull-back.

The unemployment rate rose from 7.8 in September to 7.9 percent in October. The non-farm payrolls increased 171,000 in October from an upwardly revised figure of 148,000 in September. Economists expected between 125,000 and 135,000 new jobs created.

The U.S. Department of Commerce said that factor orders increased 4.8 percent in September. This is better than the -5.1 percent reading in August, but below analyst expectations of 5.0 percent.

The initial public offering of Restoration Hardware Holdings Inc (NYSE:RH) provided a bright-spot Friday. Shares of the home furnishings chain rose nearly 30 percent in one day. The market cap of the company, which operates 73 retail stores (July 28, 2012), shot-up to $1.15 billion. Competitor Pier 1 Imports, Inc. (NYSE:PIR), which has a market cap of $2.2 billion operating 1,052 stores in the U.S. and Canada, saw their share price drop two percent.

The Dow Jones Industrial Average (DJIA) index fell nearly 140 points (-1.05%) Friday. The broader S&P 500 and tech-heavy NASDAQ fell 0.94 percent and 1.26 percent respectively.

Although equities dropped drastically, the U.S. Department of Treasury said the 10-year note yield was unchanged at 1.75 percent (see the benchmark chart below).

The secondary lenders were mixed. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their 30-year 30-day required net yield (RNY) one basis point to 2.78 percent. The Federal National Mortgage Association (OTC:FNMA) raised their RNY rate to 2.92 percent.

The London InterBank Offered Rate (LIBOR) slipped. The 1-year LIBOR fell to 0.875 percent and the 6-month LIBOR fell to 0.538 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) advanced three basis points (bps) to 3.493 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage rate expanded three bps to 1.743 percent.

The average FHA loan rate fell 12 bps to 3.946 percent and the average VA loan rate advanced to 3.964 percent.

JPMorgan Chase & Co. (NYSE:JPM) lowered their conventional rate one basis point to 3.56 percent.

U.S. Bancorp (NYSE:USB) raised their 30-year rate nine bps to 3.66 percent. Their FHA and VA loan rates remained unchanged.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage advanced one basis point to 3.037 percent.

JPM held their 20-year rate unchanged, however the lender lowered their 15-year rate to 3.01 percent.

USB raised their 20-year rate four bps to 3.56 percent and their 15-year rate five bps to 2.89 percent.

The average 5-year adjustable rate mortgage (ARM) fell one basis point to 3.098 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Friday 1 Day 5 Day 30 Day 100-Day 100-Day
11/02/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.68 Bond Buyer's 20-yr bond index 0 0 -11 -24 3.61
2.78 FHLMC 30 yr 30 days RNY -1 -2 79 -18 1.59
2.82 FHLMC 30 yr 60 days RNY 0 -1 76 -19 1.68
2.92 FNMA 30 yr 30 days RNY 0 11 21 -23 2.635
2.964 FNMA 30 yr 60 days RNY 0 11 21 -23 2.68
0.209 1 Month LIBOR Rate 0 0 -1 -3 0.209
0.31275 3 Month LIBOR Rate 0 0 -5 -16 0.31275
0.538 6 Month LIBOR Rate 0 0 -11 -20 0.538
0.875 1 Year LIBOR Rate 0 0 -11 -20 0.875
2 Call Money 0 0 0 0 2
2.51 20-year Bond Yield Rate * 1 3 -2 18 2.11
1.75 10-year Note Yield Rate * 0 1 1 11 1.43
0.19 1-Year Note Yield Rate * 1 1 1 1 0.16
0.09 3-month Note Yield Rate * 0 -5 -2 -2 0.08
1.038 11th District Cost of Funds 0 -3 -6 -10 1.038
2.420 Difference 3-mo & 20 yr ** 1 8 0 20 2.01
1.743 Difference 10yr Note 30yr Loan 3 2 3 -34 1.641858
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Friday 1 Day 5 Day 30 Day 100-Day 100-Day
11/02/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.493% Average 30 yr fixed 3 3 4 -23 3.31%
3.946% Average 30 yr FHA -12 -1 4 -41 3.81%
3.694% Average 30-yr VA 0 -1 1 -22 3.61%
3.037% Average 15 year FRM 1 7 4 -21 2.92%
3.098% Average 5/1 ARM -1 2 -1 -7 3.06%
3.932% 30 Yr Fixed Jumbo 0 -7 -9 -30 3.93%
3.120% 15 Yr Fixed Jumbo 4 0 7 -23 3.04%
11/02/12 U.S. Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.66% 30-Year Fixed 9 10 9 -6 3.55%
3.56% 20-Year Fixed 4 6 1 -10 3.48%
2.89% 15-Year Fixed 5 7 -18 -31 2.82%
3.05% 10-Year Fixed 8 13 -7 -7 2.92%
3.79% FHA 30-Year 0 0 0 -26 3.71%
3.29% FHA 15-Year 0 0 -15 -15 3.29%
3.83% VA 30-Year 0 0 13 -26 3.70%
3.45% VA 15-Year 0 13 0 -25 3.32%
3.57% 3-Year ARM -3 -3 -27 -11 3.57%
3.37% 5-Year ARM 0 0 -17 -12 3.37%
3.60% Jumbo 30-Year 0 -13 -13 -38 3.60%
2.89% Jumbo 15-Year 13 0 0 -38 2.77%
11/02/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.56% 30-Year Fixed Rate -1 -2 8 -28 3.34%
3.49% 20-Year Fixed Rate 0 -1 13 -13 3.24%
3.01% 15-Year Fixed Rate -2 0 7 -25 2.79%
3.02% 7/1 ARM 0 -8 -7 -15 3.02%
2.98% 5/1 ARM -1 -12 -8 -21 2.98%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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