Current Mortgage Rates Today – Loans shift higher as Wells Fargo and KeyBank make changes

chart of VA Mortgage Rate

(Best Syndication News) Mortgage interest rates advanced today as investors migrated back into equities (see the mortgage rate charts below). While voters trekked to the polls, Wells Fargo, JPMorgan Chase, PNC, KeyBank, and other lenders raised their rates.

Benchmarks

Stock prices rallied election-Tuesday as some of the uncertainty was being lifted from the market. There were no major economic headlines in the United States, but like many other past-election days, stock prices were higher.

The economy was on minds of voters Tuesday. Florida, Pennsylvania, Virginia, and Ohio were swing states that analysts were watching. Florida is still too close to call as of this report; however President Barack Obama won the other three states putting the incumbent over the top in electoral votes.

Although the technology sector gained less than one percent, there was a stand-out. AOL, Inc. (NYSE:AOL) jumped 22 percent on better-than-expected 3rd quarter earnings. Advertising sales are improving, according to the Internet portal. In the after-hours the share price of AOL pulled back five cents to $43.65.

Better online ad sales could be good news for competitors too. Although Google stumbled Tuesday, the share price of Yahoo! Inc. (NASDAQ:YHOO) and Microsoft Corporation (NASDAQ:MSFT) were higher.

A federal judge dismissed Apple’s lawsuit against Google but the search giant still faces government hurdles over Motorola's licensing practices. The share price of GOOG fell $1.24 in Tuesday’s session; however MSFT gained 23 cents during the trading day. In the after-hours MSFT fell four cents to $29.82.

The Dow Jones Industrial Average (DJIA) index was up 133 points in anticipation of the election season closure. The broader S&P 500 and the tech-heavy NASDAQ were up 0.79 percent and 0.41 percent respectively.

Government bond and note prices fell allowing yields to float higher. The 10-year note yield advanced six basis points (bps) to 1.78 percent (see the benchmark chart below).

The secondary lenders raised their required net yield (RNY) rates too. The Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 60-day RNY rate six bps to 2.84 percent. The Federal National Mortgage Association (OTC:FNMA) raised their RNY rate one basis point to 2.939 percent.

The London InterBank Offered Rate (LIBOR) was mixed. The 6-month and 1-year LIBOR rates were lower; however the 1-month and 3-month LIBOR rates were unchanged.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) advanced three bps to 3.483 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage rate tightened three bps to 1.703 percent.

The average 30-year FHA loan rate added one basis point to 3.947 percent. The average VA mortgage rate climbed one point to 3.698 percent.

Wells Fargo & Company (NYSE:WFC) raised their fixed conventional rate 13 bps to 3.80 percent.

KeyCorp (NYSE:KEY) raised their 30-year fixed mortgage rate seven bps to 3.65 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage climbed three bps to 2.992 percent.

WFC held their 15-year rate unchanged, however KEY raised their rate six bps to 3.02 percent.

The average 5-year adjustable rate mortgage (ARM) advanced one point to 3.065 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
11/06/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.67 Bond Buyer's 20-yr bond index -1 -1 -5 -25 3.61
2.8 FHLMC 30 yr 30 days RNY 6 4 121 -11 1.59
2.84 FHLMC 30 yr 60 days RNY 6 4 116 -12 1.68
2.896 FNMA 30 yr 30 days RNY 1 8 26 -21 2.635
2.939 FNMA 30 yr 60 days RNY 1 8 26 -21 2.68
0.209 1 Month LIBOR Rate 0 0 -1 -3 0.208
0.31175 3 Month LIBOR Rate 0 0 -5 -16 0.31175
0.5335 6 Month LIBOR Rate 0 -1 -11 -20 0.5335
0.8715 1 Year LIBOR Rate 0 0 -10 -20 0.8715
2 Call Money 0 0 0 0 2
2.52 20-year Bond Yield Rate * 5 6 12 24 2.11
1.78 10-year Note Yield Rate * 6 6 14 19 1.43
0.19 1-Year Note Yield Rate * 0 1 2 1 0.16
0.1 3-month Note Yield Rate * -1 -1 -1 0 0.08
1.038 11th District Cost of Funds 0 0 -6 -10 1.038
2.420 Difference 3-mo & 20 yr ** 6 7 13 24 2.01
1.703 Difference 10yr Note 30yr Loan -3 -6 -3 -39 1.641858
* 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
11/06/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.483% Average 30 yr fixed 3 0 11 -20 3.31%
3.947% Average 30 yr FHA 1 0 14 -23 3.81%
3.698% Average 30-yr VA 1 0 9 -22 3.61%
2.992% Average 15 year FRM 3 1 2 -22 2.92%
3.065% Average 5/1 ARM 1 -1 -5 -10 3.06%
3.784% 30 Yr Fixed Jumbo -9 -18 -20 -44 3.78%
3.071% 15 Yr Fixed Jumbo 0 -6 2 -27 3.04%
11/06/12 Wells Fargo 1 Day 5 Day 30 Day 100-Day 100-Day
3.80% 30-Year Fixed 13 0 25 -13 3.55%
4.27% 30-Year Fixed FHA 0 0 14 -28 4.14%
3.06% 15-Year Fixed 0 0 13 -13 2.93%
2.99% 5-Year ARM 0 -4 -8 -16 2.99%
2.95% 5-Year ARM FHA -3 0 0 0 2.90%
Certain areas
3.88% 30-Year Fixed 13 0 13 -13 3.75%
4.63% 30-Year Fixed FHA 28 0 41 -14 4.22%
3.03% 5-Year ARM 0 -4 -8 -16 3.03%
Jumbo Loans
4.00% 30-Year Fixed 13 0 13 -25 3.88%
3.16% 5-Year ARM 4 0 5 -8 3.11%
11/06/12 Key Bank 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.65% 30-yr Fixed Rate 7 0 14 -16 3.49%
3.02% 15-yr Fixed Rate 6 -3 12 -9 2.89%
Adjustable Rate Mortgage
3.15% 10/1 ARM 2 -2 2 -19 3.11%
3.02% 7/1 ARM 2 -2 1 -9 2.99%
3.03% 5/1 ARM 0 -4 -3 -11 3.02%
3.52% 3/1 ARM 3 4 -4 -11 3.43%
FHA Loans
3.48% 30-yr FHA 3 -1 14 -27 3.34%
3.54% 20-yr FHA 4 -1 15 -26 3.39%
3.42% 15-yr FHA 4 0 8 0 3.31%
VA Loans
3.48% 30-yr VA 3 -1 14 -27 3.34%
3.49% 25-yr VA 4 -1 14 -26 3.35%
3.55% 20-yr VA 4 -1 16 -25 3.39%
3.65% 15-yr VA 2 -2 12 23 3.31%
* Average includes more banks than listed

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