Current Mortgage Rates Today – SunTrust and U.S. Bank lower their loan rates

VA Mortgages

(Best Syndication News) Mortgage interest rates continued to fall today as secondary lenders adjusted to the shifting capital markets (see the mortgage rate charts below). JPMorgan Chase, SunTrust, Bank of America, and U.S. Bank were among the banks following a downward trend.

Benchmarks

Stocks nose-dived again as investors shifted their focus from Greece to the United States. The prospect of failed budget negotiations weighted heavy on equity markets.

Asian stocks edged higher Tuesday after it appeared that European officials would work out a Greek debt deal. Although lenders holding Greek debt agreed to a compromise on outstanding sovereign bonds, the details of how to implement austerity began to fester again.

Budget negotiations between Democrats and Republicans in the United States also hit a snag. Senate Majority Leader Harry Reid said that lawmakers are making little progress in their talks. Stocks began to slide after Reid’s statement.

Home prices were higher in September. The S&P Case-Shiller 20-City home price index jumped 3.0 percent in September (YOY). Some analysts expected a 2.5 percent gain. Prices were up 0.3 percent from August 2012.

Higher home prices will benefit home builders and others involved in housing. PulteGroup, Inc. (NYSE:PHM), a Michigan based homebuilder, was up nearly two-tenths of a percent during the trading session. In the after-hours PHM fell two cents to $17.09.

The Dow Jones Industrial Average (DJIA) fell nearly 90 points. The S&P 500 and NASDAQ were down 0.52 percent and 0.30 percent respectively.

The migrating capital markets pushed bond and note prices higher driving yields lower. The 10-year note yield fell two basis points (bps) to 1.64 percent (see the benchmark charts below).

The lower note yields allowed secondary lenders, like Freddie Mac and Fannie Mae, to lower their required net yield (RNY) rates. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their 30-year 30-day RNY rate six bps to 2.64 percent. The Federal National Mortgage Association (OTC:FNMA) lowered their RNY rate two bps to 2.815 percent.

The London InterBank Offered Rate (LIBOR) was unchanged.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell one basis point to 3.414 percent (see the mortgage rate charts below). The difference between the 10-year note yield and the 30-year mortgage expanded one point to 1.774 percent.

The average FHA loan rate fell two bps to 3.905 percent and the average VA loan rate fell four bps to 3.662 percent.

U.S. Bancorp (NYSE:USB) lowered their 30-year conventional rate one basis point to 3.44 percent.

SunTrust Banks, Inc. (NYSE:STI) lowered their 30-year mortgage rate one basis point to 3.53 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell two bps to 2.935 percent.

STI lowered their 15-year loan rate five bps to 2.03 percent.

USB lowered their 15-year rate five bps. The lender also lowered their 20-year rate one basis point to 3.52 percent.

The average 5-year adjustable rate mortgage (ARM) fell to 3.070 percent.

Jumbo Mortgages

The average 30-year jumbo mortgage advanced less than one point to 3.821 percent. The 15-year jumbo loans slipped to 3.032 percent.

STI raised their jumbo mortgage rate to 4.01 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
11/27/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.37 Bond Buyer's 20-yr bond index -4 -4 -27 -58 3.37
2.64 FHLMC 30 yr 30 days RNY -6 -6 -1 -13 1.59
2.68 FHLMC 30 yr 60 days RNY -6 -6 -1 -13 1.68
2.815 FNMA 30 yr 30 days RNY -2 1 9 -17 2.635
2.844 FNMA 30 yr 60 days RNY -2 1 8 -19 2.68
0.209 1 Month LIBOR Rate 0 0 0 -4 0.2075
0.3115 3 Month LIBOR Rate 0 0 -1 -15 0.31
0.528 6 Month LIBOR Rate 0 0 -5 -21 0.523
0.86 1 Year LIBOR Rate 0 0 -6 -21 0.859
2 Call Money 0 0 0 0 2
2.38 20-year Bond Yield Rate * -1 -2 -13 14 2.11
1.64 10-year Note Yield Rate * -2 -2 -11 11 1.43
0.18 1-Year Note Yield Rate * 1 2 0 -2 0.16
0.1 3-month Note Yield Rate * 0 2 1 1 0.06
1.038 11th District Cost of Funds 0 0 -3 -8 1.038
2.280 Difference 3-mo & 20 yr ** -1 -4 -14 13 2.01
1.774 Difference 10yr Note 30yr Loan 1 2 8 -27 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
11/27/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.414% Average 30 yr fixed -1 0 -3 -16 3.31%
3.905% Average 30 yr FHA -2 -2 -4 -12 3.81%
3.662% Average 30-yr VA -4 -4 -11 -12 3.60%
2.935% Average 15 year FRM -2 -2 -2 -21 2.92%
3.070% Average 5/1 ARM 0 1 1 -10 3.06%
3.821% 30 Yr Fixed Jumbo 0 2 -28 -36 3.78%
3.032% 15 Yr Fixed Jumbo 0 3 -7 -24 3.01%
11/27/12 U.S. Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.44% 30-Year Fixed -1 1 -25 -16 3.35%
3.52% 20-Year Fixed -1 8 -14 0 3.42%
2.77% 15-Year Fixed -5 -4 -34 -31 2.77%
2.92% 10-Year Fixed -3 0 -30 -19 2.92%
3.79% FHA 30-Year 0 0 -13 0 3.71%
3.43% FHA 15-Year 0 15 0 0 3.29%
3.83% VA 30-Year 0 0 -13 0 3.70%
3.32% VA 15-Year -13 -13 -38 -25 3.32%
3.57% 3-Year ARM -3 0 -20 -11 3.57%
3.37% 5-Year ARM 0 0 -13 -7 3.32%
3.47% Jumbo 30-Year 0 0 -55 -38 3.47%
2.77% Jumbo 15-Year 0 0 -13 -38 2.77%
11/27/12 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.53% 30 Yr Fixed Conventional -1 1 -11 -46 3.48%
2.93% 15 Yr Fixed Conventional -5 0 4 -66 2.79%
4.01% 30 Yr Jumbo Fixed 0 1 -21 -35 3.53%
2.94% Agency 5/1 ARM 30 Yr 0 2 5 -40 2.42%
2.94% Agency 7/1 ARM 30 Yr 0 3 7 -43 2.87%
4.30% 30 Yr FHA - Fixed -1 0 16 -10 4.05%
* Average includes more banks than listed

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