Current Mortgage Rates Today – SunTrust and U.S. Bank make changes

Graph of 15-Year Rates

(Best Syndication News) Mortgage interest rates trended higher today as lenders adjusted their loan products to the changing benchmarks (see the mortgage rate charts below). Most lenders, including KeyBank, JPMorgan Chase, PNC and U.S. Bank, raised their rates, while SunTrust and Bank of America lowered them.

Benchmarks

Stock markets closed higher Wednesday on a light holiday trading day. Black Friday sales are starting earlier than ever this year, with many stores opening Thanksgiving evening. Wal-Mart, Sears, and K-Mart opened at 8pm while Target opened at 9pm.

The Mortgage Bankers Association (MBA) said that lending volume decreased 2.2 percent last week. The mortgage volume decreased 12.6 percent the previous week.

The U.S. Department of Labor released their initial jobless claims figures a day early because of the Holiday. There were 410,000 initial jobless claims last week, down from an upwardly revised figure of 451,000 the previous week, and below analyst expectations of between 423,000 and 435,000.

The University of Michigan released their consumer sentiment figures Wednesday. The sentiment index for November dropped to 82.7 from 84.9 in October. Economists believe sentiment is evaporating because of fiscal cliff concerns.

All of the major equity sectors were higher with the exception of utilities. Investors are concerned that taxes on dividends will increase next year, and utilities pay better dividends. The actively traded The Southern Company (NYSE:SO) fell 15 cents. In the after-hours the utility climbed seven cents to $42.35.

The Utilities SPDR (ETF) (NYSEARCA:XLU) dropped nearly one-half percent in Wednesday’s session. The sector as a whole has fallen to its lowest level in 11 months.

The Dow Jones Industrial Average (DJIA) advanced 48 points. The S&P 500 and NASDAQ gained 0.23 percent and 0.34 percent respectively.

U.S. Treasury Department data showed capital markets migrating away from government securities. This drove prices down allowing yields to increase. The 10-year note yield climbed three basis points (bps) to 1.69 percent (see the benchmark chart below).

Secondary lenders were able to raise their required net yield (RNY) rates. The Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 60-day RNY rate six bps to 2.8 percent. The Federal National Mortgage Association (OTC:FNMA) raised their RNY rate three bps to 2.858 percent.

The London InterBank Offered Rate also advanced. The 6-month LIBOR was unchanged while the 1-year LIBOR climbed to 0.861 percent.

30-Year Fixed Mortgage Rates

The average 30-year conventional rate advanced three basis points to 3.439 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage tightened to 1.749 percent.

The average FHA loan rate advanced one point to 3.932 percent and the VA loan rate hit 3.702 percent.

U.S. Bancorp (NYSE:USB) raised their 30-year fixed rate mortgage (FRM) four bps to 3.74 percent.

SunTrust Banks, Inc. (NYSE:STI) lowered their base rate two bps to 3.50 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed mortgage rate advanced two bps to 2.971 percent.

USB raised their 20-year loan rate 13 bps and their 15-year mortgage rate four bps.

STI lowered their 30-year rate but increased their other loan products. Their 15-year rate jumped five bps to 2.98 percent.

The average 5-year adjustable rate mortgage (ARM) advanced one basis point to 3.068 percent.

Jumbo Loans

Jumbo mortgages advanced too. USB raised their 30-year jumbo mortgage rate 13 bps. The average 15-year jumbo mortgage advanced four bps to 3.048 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
11/21/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.41 Bond Buyer's 20-yr bond index 0 -14 -20 -54 3.41
2.76 FHLMC 30 yr 30 days RNY 6 7 19 -11 1.59
2.8 FHLMC 30 yr 60 days RNY 6 7 19 -12 1.68
2.83 FNMA 30 yr 30 days RNY 3 1 8 -22 2.635
2.858 FNMA 30 yr 60 days RNY 3 1 8 -24 2.68
0.2075 1 Month LIBOR Rate 0 0 -1 -4 0.2075
0.3115 3 Month LIBOR Rate 0 0 -3 -15 0.31
0.527 6 Month LIBOR Rate 0 0 -8 -21 0.523
0.861 1 Year LIBOR Rate 0 0 -8 -21 0.8595
2 Call Money 0 0 0 0 2
2.42 20-year Bond Yield Rate * 2 12 -3 6 2.11
1.69 10-year Note Yield Rate * 3 11 -1 4 1.43
0.17 1-Year Note Yield Rate * 1 0 -1 -4 0.16
0.1 3-month Note Yield Rate * 2 2 0 1 0.06
1.038 11th District Cost of Funds 0 0 -3 -8 1.038
2.320 Difference 3-mo & 20 yr ** 0 10 -3 5 2.01
1.749 Difference 10yr Note 30yr Loan 0 -12 3 -22 1.641858
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
11/21/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.439% Average 30 yr fixed 3 -1 2 -18 3.31%
3.932% Average 30 yr FHA 1 -1 1 -20 3.81%
3.702% Average 30-yr VA 0 0 0 -17 3.60%
2.971% Average 15 year FRM 2 0 -1 -21 2.92%
3.068% Average 5/1 ARM 1 -1 -7 -11 3.06%
3.834% 30 Yr Fixed Jumbo 3 0 -19 -38 3.78%
3.048% 15 Yr Fixed Jumbo 4 -1 -9 -28 3.01%
11/21/12 U.S. Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.47% 30-Year Fixed 4 -8 -21 -21 3.35%
3.56% 20-Year Fixed 13 7 -8 3 3.42%
2.84% 15-Year Fixed 4 -4 -27 -25 2.80%
2.97% 10-Year Fixed 5 -5 -23 -15 2.92%
3.79% FHA 30-Year 0 0 -13 -13 3.71%
3.43% FHA 15-Year 15 0 0 0 3.29%
3.83% VA 30-Year 0 0 0 -26 3.70%
3.45% VA 15-Year 0 0 -13 -13 3.32%
3.57% 3-Year ARM 0 0 -31 -11 3.57%
3.41% 5-Year ARM 4 4 -17 -3 3.32%
3.60% Jumbo 30-Year 13 13 -13 -38 3.47%
2.77% Jumbo 15-Year 0 0 -13 -51 2.77%
11/21/12 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.50% 30 Yr Fixed Conventional -2 -3 -12 -52 3.48%
2.98% 15 Yr Fixed Conventional 5 -2 11 -63 2.79%
4.01% 30 Yr Jumbo Fixed 0 1 -22 -35 3.53%
2.94% Agency 5/1 ARM 30 Yr 1 2 -5 -40 2.42%
2.92% Agency 7/1 ARM 30 Yr 1 1 -4 -45 2.87%
4.31% 30 Yr FHA - Fixed 2 -6 21 -30 4.05%
* Average includes more banks than listed

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