Current Mortgage Rates Today – Wells Fargo and Chase lower rates

Chart of 15-Year FRM

(Best Syndication News) Mortgage interest rates fell today despite a migration back into equities (see the mortgage rates below). Citigroup, U.S. Bank, Wells Fargo, and JPMorgan Chase were among the lenders lowering their loan rates.

Benchmarks

President Barack Obama met with business leaders Wednesday to discuss the fiscal cliff. Chief Executive Officers (CEOs) from Yahoo! Inc. (NASDAQ:YHOO), Caterpillar Inc. (NYSE:CAT), and other major companies met at the Whitehouse to provide their opinions on taxes and spending.

Markets reacted positively to remarks made by House Speaker John Boehner. The Speaker said that he was optimistic that a deal could be reached between Democrats and Republicans by the January 1st deadline. Equities have been on a rollercoaster the past several weeks after mixed signals were telegraphed from Washington.

Investors were buying retailer stocks; the service sector gained 0.90 percent. In an effort to avoid the potential for extra taxes on dividends next year, Costco Wholesale Corporation (NASDAQ:COST) announced a special $7.00 dividend. COST gained more than six percent during the session.

All of the sectors were higher. The Dow Jones Industrial Average (DJIA) advanced 106 points. The S&P 500 and NASDAQ were up 0.79 percent and 0.81 percent respectively.

Despite the flow of money into equities, the U.S. Treasury Department said that government note and bond prices increased; the higher prices drove yields lower. The 10-year note yield, a common benchmark for the conventional 30-year mortgage, fell one basis point to 1.63 percent (see the benchmark chart below).

Lenders followed the lead of Fannie Mae, but Freddie Mac bucked the trend. The Federal Home Loan Mortgage Corp (OTC:FMCC) raised their required net yield (RNY) rates.

The Federal Reserve said the economy remains in the doldrums. The central bank’s Beige Book reveled lagging factory activity and a stagnant economy.

The Mortgage Bankers Association (MBA) said that loan volume decreased 0.9 percent last week. Mortgage activity the previous week dropped 2.2 percent.

New home sales remained nearly level in October, according to the Department of Commerce. There were 368,000 new homes sold last month and in September there were 369,000 sales.

The London InterBank Offered Rate (LIBOR) was mostly unchanged.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell five basis points (bps) to 3.365 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage tightened four bps to 1.735 percent.

The average FHA loan rate fell two bps to 3.881 percent. The average VA loan rate fell five bps to 3.616 percent.

Wells Fargo & Company (NYSE:WFC) lowered their conventional rate 13 bps to 3.55 percent. The lender held their FHA rate unchanged.

JPMorgan Chase & Co. (NYSE:JPM) lowered their loan rate 11 bps to 3.33 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell slightly to 2.934 percent.

WFC didn’t change their 15-year rate but JPM raised their rate two bps to 2.90 percent. JPM also changed their 20-year loan rate, lowering it four bps to 3.23 percent.

The average 5-year adjustable rate mortgage (ARM) fell less than one point to 3.066 percent.

By John Waters
Business Reporter

Benchmark Chart:

Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
11/28/12 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 0 -4 -27 -57 3.37
2.65 FHLMC 30 yr 30 days RNY 1 -11 -13 -9 1.59
2.7 FHLMC 30 yr 60 days RNY 2 -10 -11 -9 1.68
2.785 FNMA 30 yr 30 days RNY -3 -4 5 -19 2.635
2.816 FNMA 30 yr 60 days RNY -3 -4 4 -20 2.68
0.209 1 Month LIBOR Rate 0 0 0 -4 0.2075
0.3105 3 Month LIBOR Rate 0 0 -1 -15 0.31
0.528 6 Month LIBOR Rate 0 0 -4 -21 0.523
0.86 1 Year LIBOR Rate 0 0 -5 -21 0.859
2 Call Money 0 0 0 0 2
2.36 20-year Bond Yield Rate * -2 -6 -24 14 2.11
1.63 10-year Note Yield Rate * -1 -6 -20 10 1.43
0.18 1-Year Note Yield Rate * 0 1 0 -2 0.16
0.1 3-month Note Yield Rate * 0 0 -1 1 0.06
1.038 11th District Cost of Funds 0 0 -3 -8 1.038
2.260 Difference 3-mo & 20 yr ** -2 -6 -23 13 2.01
1.735 Difference 10yr Note 30yr Loan -4 -1 7 -29 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
11/28/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.365% Average 30 yr fixed -5 -7 -13 -19 3.31%
3.881% Average 30 yr FHA -2 -5 -12 -13 3.81%
3.616% Average 30-yr VA -5 -9 -20 -15 3.60%
2.934% Average 15 year FRM 0 -4 -7 -19 2.92%
3.066% Average 5/1 ARM 0 0 -3 -11 3.06%
3.790% 30 Yr Fixed Jumbo -3 -4 -27 -38 3.78%
3.059% 15 Yr Fixed Jumbo 3 1 -8 -21 3.01%
11/28/12 Wells Fargo 1 Day 5 Day 30 Day 100-Day 100-Day
3.55% 30-Year Fixed -13 -13 -38 -25 3.55%
4.27% 30-Year Fixed FHA 0 0 -14 -14 4.14%
2.93% 15-Year Fixed 0 -13 -25 -25 2.93%
2.95% 5-Year ARM -4 -4 -9 -21 2.95%
2.90% 5-Year ARM FHA 0 0 -10 -14 2.90%
Certain areas
3.63% 30-Year Fixed -13 -13 -50 -25 3.63%
4.22% 30-Year Fixed FHA 0 -28 -55 -55 4.22%
3.03% 5-Year ARM 0 0 -4 -16 3.03%
Jumbo Loans
3.63% 30-Year Fixed -13 -13 -63 -63 3.63%
3.03% 5-Year ARM -4 -4 -17 -29 3.03%
11/28/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.33% 30-Year Fixed Rate -11 -13 -39 -37 3.33%
3.23% 20-Year Fixed Rate -4 -12 -49 -31 3.23%
2.90% 15-Year Fixed Rate 2 -4 -11 -13 2.79%
3.04% 7/1 ARM -4 1 1 -18 2.98%
3.06% 5/1 ARM -1 3 4 -17 2.98%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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