Current Mortgage Rates Today – Loans lower at PNC and Citibank

FHA chart

(Best Syndication News) Mortgage interest rates were lower today as lenders adjusted their loan products to the changing secondary market (see the mortgage rate charts below). U.S. Bank, SunTrust, PNC, and Citibank were among the banks making changes.

Benchmarks

New concerns over the fiscal cliff and European debt pushed equities lower Monday as money moved into the safe-havens. The estimated losses to consumer spending could eclipse all of the expenditures made during the Black Friday weekend if the country tumbles off the cliff.

Obama Administration economists estimate consumers will spend $200 billion less next year if government spending decreases and taxes go up. Federal taxes could take a bigger chunk of the spending in 2013, and this uncertainty drove stock prices lower.

A better-than-expected Black Friday didn’t soften the European debt worries, but there is some good news. Early Tuesday a deal was struck between Greece and European finance ministers to allow the Hellenic Republic more time to repay rescue loans. Stocks are higher in Asia early Tuesday; the Nikkei 225 (Japan) and the Hang Seng (Hong Kong) were gaining ground while the Shanghai (China) index is dropping.

The disaster modeling firm, AIR Worldwide, said that Hurricane/Superstorm Sandy could cost insurers between $16 billion and $22 billion. Previous estimates put that figure between $20 billion and $25 billion.

The finance sector was down 0.5 percent during Monday’s session. Bank of America Corp
(NYSE:BAC), the most actively traded financial stock, was down more than ½ percent during Monday’s session. In the after-hours BAC gained four cents to $9.88.

The Dow Jones Industrial Average fell 42 points while the broader S&P 500 and tech-heavy NASDAQ fell 0.20 percent and 0.33 percent respectively.

As money flowed from equities and into U.S. government securities, the price for bonds and notes began to rise driving yields lower. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), fell four basis points (bps) to 1.66 percent (see the benchmark chart below).

The secondary lenders were mixed. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their 30-year 60-day required net yield (RNY) rate eight bps to 2.74 percent. The Federal National Mortgage Association (OTC:FNMA) bucked the trend and increased their RNY rate one point to 2.861 percent.

The London InterBank Offered Rate (LIBOR) was slightly higher. The 6-month LIBOR was unchanged, however the 1-year LIBOR advanced to 0.86 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed mortgage rate fell two bps to 3.428 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage expanded two bps to 1.768 percent.

The average FHA loan rate fell one basis point to 3.927 percent and the average VA mortgage rate slipped one point to 3.697 percent.

Citigroup Inc. (NYSE:C) lowered their conventional mortgage rate two bps to 3.42 percent.

PNC Financial Services (NYSE:PNC) lowered their base rate one point to 3.63 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed mortgage rate fell one basis point to 2.952 percent.

Citibank didn’t change their 15-year rate, but PNC lowered their 15-year two bps to 2.85 percent. PNC also lowered their 20-year loan rate seven bps to 3.51 percent.

The average 5-year adjustable rate mortgage (ARM) was unchanged at 3.072 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Monday 1 Day 5 Day 30 Day 100-Day 100-Day
11/26/12 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
2.7 FHLMC 30 yr 30 days RNY -8 4 10 -11 1.59
2.74 FHLMC 30 yr 60 days RNY -8 4 10 -12 1.68
2.837 FNMA 30 yr 30 days RNY 1 4 14 -22 2.635
2.867 FNMA 30 yr 60 days RNY 1 4 12 -23 2.68
0.209 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 -6 -21 0.523
0.86 1 Year LIBOR Rate 0 0 -7 -21 0.859
2 Call Money 0 0 0 0 2
2.39 20-year Bond Yield Rate * -3 5 -2 11 2.11
1.66 10-year Note Yield Rate * -4 5 2 9 1.43
0.17 1-Year Note Yield Rate * -2 1 0 -3 0.16
0.1 3-month Note Yield Rate * 0 1 1 2 0.06
1.038 11th District Cost of Funds 0 0 -3 -8 1.038
2.290 Difference 3-mo & 20 yr ** -3 4 -3 9 2.01
1.768 Difference 10yr Note 30yr Loan 2 -5 1 -28 1.641858
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Monday 1 Day 5 Day 30 Day 100-Day 100-Day
11/26/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.428% Average 30 yr fixed -2 0 3 -19 3.31%
3.927% Average 30 yr FHA -1 -1 4 -15 3.81%
3.697% Average 30-yr VA -1 -1 -1 -9 3.60%
2.952% Average 15 year FRM -1 1 -1 -20 2.92%
3.072% Average 5/1 ARM 0 2 -3 -10 3.06%
3.819% 30 Yr Fixed Jumbo -6 2 -20 -36 3.78%
3.036% 15 Yr Fixed Jumbo -5 2 -5 -29 3.01%
11/26/12 Citi Financial 1 Day 5 Day 30 Day 100-Day 100-Low
3.42% 30 Year Fixed -2 0 -15 -37 3.32%
2.85% 15 Year Fixed 0 0 -53 -38 2.81%
11/26/12 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-Low
2.79% 10 Year Fixed -3 2 33 13 2.44%
2.85% 15 Year Fixed -2 0 36 2 2.48%
3.51% 20 Year Fixed -7 4 33 12 3.14%
3.63% 30 Year Fixed -1 1 26 3 3.33%
Certain Areas
2.94% 10 Year Fixed -3 10 48 23 2.44%
3.05% 15 Year Fixed 0 2 41 2 2.49%
3.83% 20 Year Fixed -1 3 54 24 3.15%
3.99% 30 Year Fixed -1 0 50 24 3.35%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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