Current Mortgage Rates Today – Conventional loans higher

FRM

(Best Syndication News) Mortgage interest rates are higher today as capital markets take on riskier investments (see the mortgage rate charts below). SunTrust and Bank of America raised their base rate, while JPMorgan also made changes.

Benchmarks

Stocks were higher again Black Friday as investors anticipate an excellent shopping season. Sales are expected to increase four percent this year, according to the National Retail Federation. Many stores, including Wal-Mart, Target, Toys-R-Us, and K-Mart, were open late Thanksgiving Day this year.

Wal-Mart Stores, Inc. (NYSE:WMT) doubled their order for Apple iPads and analysts increased their expectations for the world’s largest retailer. Duncan Mac Naughton, the Wal-Mart Chief Merchandising Officer, said that they had over 22 million shoppers Thursday. It was also their best Black Friday ever.

Apple Inc. (NASDAQ:AAPL) sold 11 million tablets last holiday season. The Apple mini has already doubled analyst expectations despite concerns over pricing. Analysts predict that the iPad tablet could be the strongest selling product this year. Jharonne Martis, the Director of Consumer Research at Thomson Reuters, says AAPL is expected to sell 24 million tablets during this season, including eight million Mini iPads.

The Dow Jones Industrial Average gained 3.4 percent this shortened week. The NASDAQ was up four percent and the S&P 500 gained 3.6 percent.

As money flowed into equities the price of U.S. government securities began to wane. Lower prices translated into higher yields. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), advanced one basis point to 1.7 percent (see the benchmark chart below).

Secondary lenders, including Fannie Mae and Freddie Mac, were mixed. The Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 60-day required net yield (RNY) rate two basis points (bps) to 2.82 percent. The Federal National Mortgage Association (OTC:FNMA) lowered their RNY rate to 2.853 percent.

The London InterBank Offered Rate (LIBOR) was mixed. The 1-month LIBOR advanced to 0.2085 percent and the 1-year LIBOR fell to 0.859 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed mortgage rate advanced one basis point to 3.449 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage rate tightened to 1.749 percent.

The average VA loan rate was unchanged, however the average FHA loan rate advanced to 3.934 percent.

Bank of America Corp (NYSE:BAC) raised their conventional rate one point to 3.53 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed mortgage rate fell one basis point to 2.963 percent.

JPMorgan Chase & Co. (NYSE:JPM) lowered their 15-year rate two bps to 2.92 percent.

BAC lowered their 15-year rate four bps to 2.90 percent.

The average 5-year adjustable rate mortgage (ARM) advanced to 3.072 percent.

Jumbo Loans

The average 30-year fixed rate jumbo mortgage climbed four bps to 3.879 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Friday 1 Day 5 Day 30 Day 100-Day 100-Day
11/23/12 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
2.78 FHLMC 30 yr 30 days RNY 2 12 19 -7 1.59
2.82 FHLMC 30 yr 60 days RNY 2 12 19 -8 1.68
2.825 FNMA 30 yr 30 days RNY 0 2 11 -25 2.635
2.853 FNMA 30 yr 60 days RNY 0 2 10 -26 2.68
0.2085 1 Month LIBOR Rate 0 0 -1 -4 0.2075
0.3115 3 Month LIBOR Rate 0 0 -2 -15 0.31
0.527 6 Month LIBOR Rate 0 0 -7 -21 0.523
0.859 1 Year LIBOR Rate 0 0 -8 -21 0.859
2 Call Money 0 0 0 0 2
2.42 20-year Bond Yield Rate * 0 11 -2 8 2.11
1.7 10-year Note Yield Rate * 1 12 1 8 1.43
0.19 1-Year Note Yield Rate * 2 3 1 0 0.16
0.1 3-month Note Yield Rate * 0 4 -1 2 0.06
1.038 11th District Cost of Funds 0 0 -3 -8 1.038
2.320 Difference 3-mo & 20 yr ** 0 7 -1 6 2.01
1.749 Difference 10yr Note 30yr Loan 0 -8 5 -29 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
11/23/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.449% Average 30 yr fixed 1 4 6 -21 3.31%
3.934% Average 30 yr FHA 0 0 5 -26 3.81%
3.702% Average 30-yr VA 0 0 0 -20 3.60%
2.963% Average 15 year FRM -1 3 2 -23 2.92%
3.072% Average 5/1 ARM 0 -1 -3 -11 3.06%
3.879% 30 Yr Fixed Jumbo 4 4 -13 -37 3.78%
3.081% 15 Yr Fixed Jumbo 3 7 -1 -24 3.01%
11/23/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.46% 30-Year Fixed Rate 0 0 -2 -39 3.34%
3.35% 20-Year Fixed Rate 0 1 -3 -28 3.24%
2.92% 15-Year Fixed Rate -2 0 4 -21 2.79%
3.03% 7/1 ARM 0 4 -3 -20 2.98%
3.02% 5/1 ARM 0 1 -5 -22 2.98%
11/23/12 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.53% 30-Year Fixed Rate 1 4 -1 -24 3.37%
2.90% 15-Year Fixed-Rate -4 4 2 -27 2.81%
3.10% 5/1 ARM Rate 1 2 -4 -11 3.07%
Certain Areas
3.53% 30-Year Fixed Rate 1 9 0 -23 3.41%
2.93% 15-Year Fixed Rate -3 4 3 -25 2.83%
3.08% 7/1 ARM 1 3 2 -14 3.01%
3.10% 5/1 ARM 3 4 5 -8 3.02%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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