Current Mortgage Rates Today – JPMorgan Chase and SunTrust make changes

Graph of VA loans

(Best Syndication News) Mortgage interest rates advanced today as lenders followed the secondary lending market (see the mortgage rate charts below). Almost all of the major banks, with the exception of KeyBank and Wells Fargo, raised their loan rates.

Benchmarks

Congress went back to work Tuesday and with less than two months left to avoid the fiscal cliff, lawmakers will be busy. The House of Representatives will remain in Republican hands while the Senate stays with the Democrats. On Friday President Barack Obama will sit down to meet with congressional leaders to negotiate tax and spending issues.

Morgan Stanley Smith Barney painted a dismal picture for government bond investing this month. Over the last five days the equity markets slid while bond and note prices ascended. This drove-down yields. Jeff Applegate, Chief Investment Officer at Morgan Stanley, told reporters that he expects equity prices to improve in 2013 after sustaining yearly gains at the end of 2012.

Shares in Microsoft Corporation (NASDAQ:MSFT) fell to their lowest point since January, down more than three percent on Tuesday. President of the Windows Operating System (OS) Division, Steven Sinofsky, left the company today; but investors are also concerned about the growth of smart phones and tablets, which cuts MSFT out of OS sales.

Profits and revenues were up at The Home Depot, Inc. (NYSE:HD), providing evidence that a housing recovery is underway. The company also revised their profit outlook higher. If the housing sector recovers then other sectors are expected to improve too.

On Wednesday the Department of Commerce will release their October retail sales figures. Early Thanksgiving promotions by retailers could hint at desperation, but the 3rd quarter results at Saks Inc (NYSE:SKS) also disappointed. The upscale retailer said that profits suffered because of an increase in promotion. SKS was still higher, up four cents to $9.92. The TJX Companies, Inc. (NYSE:TJX) said sales could be up two percent this holiday season.

After spending most of the day in positive territory, the Dow Jones Industrial Average (DJIA) closed down 59 points. The volume was light on the NYSE as the S&P 500 dropped 0.40 percent. The NASDAQ was down 0.70 percent.

Money flowed away from equities and into the government safe havens. This drove bond and note prices higher and yields lower. The U.S. Treasury Department said that the 10-year note yield fell two basis points (bps) to 1.59 percent (see the benchmark chart below).

The Bond Buyer’s 20-year bond index fell 12 bps to 3.55 percent last week.

The secondary lenders, including Fannie Mae and Freddie Mac, were mixed. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their 30-year 60-day required net yield (RNY) rate one basis point to 2.7 percent. The Federal National Mortgage Association
(OTC:FNMA) raised their RNY rate three bps to 2.818 percent.

The London InterBank Offered Rate (LIBOR) was mostly lower. The 6-month LIBOR fell to 0.524 percent ant the one-year LIBOR fell to 0.8615 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) advanced one basis point to 3.412 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage expanded three bps to 1.822 percent.

The average FHA loan rate advanced to 3.941 percent and the average VA loan rate climbed to 3.654 percent.

JPMorgan Chase & Co. (NYSE:JPM) raised their conventional 30-year rate one basis point to 3.45 percent.

SunTrust Banks, Inc. (NYSE:STI) raised their 30-year rate three bps to 3.51 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed mortgage rate advanced slightly to 2.928 percent.

JPM raised their 15-year rate four bps but lowered their 20-year rate seven bps.

STI lowered their 15-year rate five bps to 2.89 percent.

The average 5-year adjustable rate mortgage (ARM) advanced to 3.073 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
11/13/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.55 Bond Buyer's 20-yr bond index -12 -12 -12 -40 3.55
2.66 FHLMC 30 yr 30 days RNY -1 -5 15 -21 1.59
2.7 FHLMC 30 yr 60 days RNY -1 -5 14 -22 1.68
2.792 FNMA 30 yr 30 days RNY 3 -8 14 -36 2.635
2.818 FNMA 30 yr 60 days RNY 3 -10 12 -38 2.68
0.208 1 Month LIBOR Rate 0 0 -1 -4 0.208
0.31 3 Month LIBOR Rate 0 0 -4 -15 0.31
0.524 6 Month LIBOR Rate 0 -1 -10 -21 0.524
0.8615 1 Year LIBOR Rate 0 0 -10 -20 0.8615
2 Call Money 0 0 0 0 2
2.31 20-year Bond Yield Rate * -3 -11 -11 0 2.11
1.59 10-year Note Yield Rate * -2 -9 -5 -4 1.43
0.18 1-Year Note Yield Rate * 0 0 2 -1 0.16
0.11 3-month Note Yield Rate * 2 1 2 1 0.08
1.038 11th District Cost of Funds 0 0 -3 -10 1.038
2.200 Difference 3-mo & 20 yr ** -5 -12 -13 -1 2.01
1.822 Difference 10yr Note 30yr Loan 3 8 15 -25 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
11/13/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.412% Average 30 yr fixed 1 -1 10 -29 3.31%
3.941% Average 30 yr FHA 0 3 9 -30 3.81%
3.654% Average 30-yr VA 0 5 4 -26 3.60%
2.928% Average 15 year FRM 0 -1 1 -29 2.92%
3.073% Average 5/1 ARM 0 1 -5 -12 3.06%
3.854% 30 Yr Fixed Jumbo 0 1 -8 -42 3.78%
3.036% 15 Yr Fixed Jumbo 0 1 -5 -34 3.03%
11/13/12 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.51% 30 Yr Fixed Conventional 3 -9 -1 -51 3.48%
2.89% 15 Yr Fixed Conventional -5 -1 10 -79 2.79%
4.00% 30 Yr Jumbo Fixed 0 0 -11 -47 3.53%
2.91% Agency 5/1 ARM 30 Yr 0 0 -9 -44 2.42%
2.89% Agency 7/1 ARM 30 Yr 0 2 -11 -48 2.87%
4.37% 30 Yr FHA - Fixed 1 1 32 -27 4.05%
11/13/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.45% 30-Year Fixed Rate 1 1 11 -39 3.34%
3.27% 20-Year Fixed Rate -7 -7 3 -33 3.24%
2.90% 15-Year Fixed Rate 4 0 11 -38 2.79%
3.05% 7/1 ARM 3 2 0 -18 2.98%
3.07% 5/1 ARM 5 4 1 -16 2.98%
* Average includes more banks than listed

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