Current Mortgage Rates Today – Loans trending higher at PNC and KeyBank

ARM chart

(Best Syndication News) Lenders began raising their loan rates today after 3-straight days of declines (see the mortgage rate charts below). Citibank, JPMorgan Chase, KeyBank, and PNC raised their rates while Bank of America lowered them.

Benchmarks

Stocks were higher Thursday despite negative comments concerning the national debt negotiations in Washington. House Speaker John Boehner said he was disappointed in the progress, and placed the blame squarely on the Whitehouse. Democrats complained that the GOP was dragging their feet.

The impasse may last through December and force the economy off a fiscal cliff of spending cuts and tax increases. The President has agreed to $300 billion in Medicare cuts while Representative Boehner and the Republicans are calling on Democrats to propose specific cuts to entitlement programs. Democrats are also calling for increased infrastructure spending and stimulus.

The economy grew faster in the third quarter than it did throughout the rest of the year. The U.S. Department of Commerce and the Bureau of Economic Analysis released their second estimate for the Gross Domestic Product (GDP); the economy grew at an annual rate of 2.7 percent in the third quarter.

There were 393,000 initial jobless claims last week, according to the U.S. Department of Labor. That is down from 416,000 the previous week, and below analyst expectations of 395,000.

Recent improvements in the housing market have encouraged investors. The National Association of Realtors (NAR) said that pending home sales increased 5.2 percent in October. In September home sales were up just 0.3 percent and economists expected a gain of just one percent last month.

Retail sales were not as robust as expected in November, mostly because of Hurricane / Super Storm Sandy. Black Friday and Cyber Monday sales didn’t disappoint, but same-store sales (for stores open at least one year) increased just 1.6 percent in November compared to last year. Analysts had expected an increase of 3.3 percent.

Not all retailers experienced a sales increase. The Kohl's Corporation (NYSE:KSS) trading volume jumped 10-times normal after the retailer reported a drop in November sales. Investors dumped the stock after the company said they experienced problems throughout the country, not just in the areas affected by Sandy. The share price dropped nearly 12 percent during the session but rebounded 37 cents (+0.82%) in the after-hours.

The good news outweighed the bad news and the stock indexes reflected it. The Dow Jones Industrial Average (DJIA) climbed 36 points. The S&P 500 advanced 0.43 percent and the NASDAQ climbed 0.68 percent.

As money shifted back into equities the demand for some U.S. government securities began to fade; but competition for the 10-year note increased driving yields down one basis point to 1.62 percent (see the benchmark chart below).

The secondary lenders raised their required net yield (RNY) rates. The Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 30-day RNY rate two basis points (bps) to 2.72 percent.

The London InterBank Offered Rate (LIBOR) was mixed. The 6-month LIBOR slipped to 0.527 percent and the 1-year LIBOR advanced to 0.861 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) jumped three bps to 3.396 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage expanded four bps to 1.776 percent.

The average FHA loan rate climbed four bps to 3.919 percent and the average VA loan rate advanced to 3.694 percent.

KeyCorp (NYSE:KEY) raised their conventional rate four bps to 3.51 percent.

PNC Financial Services (NYSE:PNC) raised their rate three bps to 3.62 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage advanced two points to 2.958 percent.

KEY raised their 15-year rate one point to 2.96 percent and PNC raised their rate 2 bps. PNC also raised their 20-year rate three bps 3.49 percent.

The average 5-year adjustable rate mortgage (ARM) gained one point to 3.074 percent.

Jumbo Loans

The average 30-year jumbo mortgage rate climbed three bps. On the week, jumbos are still down six bps.

By: John Waters
Business Reporter

Benchmark Chart:

Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
11/29/12 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
2.68 FHLMC 30 yr 30 days RNY 3 -10 -14 -8 1.59
2.72 FHLMC 30 yr 60 days RNY 2 -10 -14 -9 1.68
2.786 FNMA 30 yr 30 days RNY 0 -4 -2 -17 2.635
2.817 FNMA 30 yr 60 days RNY 0 -4 -3 -18 2.68
0.2135 1 Month LIBOR Rate 0 1 0 -4 0.2075
0.3105 3 Month LIBOR Rate 0 0 -1 -15 0.31
0.527 6 Month LIBOR Rate 0 0 -4 -21 0.523
0.861 1 Year LIBOR Rate 0 0 -4 -21 0.859
2 Call Money 0 0 0 0 2
2.37 20-year Bond Yield Rate * 1 -5 -26 15 2.11
1.62 10-year Note Yield Rate * -1 -8 -24 8 1.43
0.18 1-Year Note Yield Rate * 0 -1 0 -2 0.16
0.09 3-month Note Yield Rate * -1 -1 -1 -1 0.06
1.038 11th District Cost of Funds 0 0 -3 -8 1.038
2.280 Difference 3-mo & 20 yr ** 2 -4 -25 16 2.01
1.776 Difference 10yr Note 30yr Loan 4 3 13 -27 1.641858
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
11/29/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.396% Average 30 yr fixed 3 -5 -11 -19 3.31%
3.919% Average 30 yr FHA 4 -1 -10 -11 3.81%
3.694% Average 30-yr VA 8 -1 -17 -11 3.60%
2.958% Average 15 year FRM 2 -1 -6 -18 2.92%
3.074% Average 5/1 ARM 1 0 -2 -10 3.06%
3.820% 30 Yr Fixed Jumbo 3 -6 -23 -44 3.78%
3.076% 15 Yr Fixed Jumbo 2 -1 -7 -27 3.01%
11/29/12 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-Low
2.74% 10 Year Fixed 3 -7 16 5 2.44%
2.84% 15 Year Fixed 2 -4 20 0 2.48%
3.49% 20 Year Fixed 3 -10 22 3 3.14%
3.62% 30 Year Fixed 3 -2 13 0 3.33%
Certain Areas
2.84% 10 Year Fixed 3 -13 20 13 2.44%
3.02% 15 Year Fixed 9 -4 25 -4 2.49%
3.83% 20 Year Fixed 1 -1 37 15 3.15%
3.98% 30 Year Fixed 1 -2 34 13 3.35%
11/29/12 Key Bank 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.51% 30-yr Fixed Rate 4 -7 -30 -10 3.47%
2.96% 15-yr Fixed Rate 1 -3 -28 -7 2.89%
Adjustable Rate Mortgage
3.17% 10/1 ARM 3 -5 -2 -11 3.10%
3.06% 7/1 ARM 0 -2 -1 0 2.97%
3.04% 5/1 ARM 0 -2 -4 -9 3.00%
3.58% 3/1 ARM 0 -1 8 -1 3.43%
FHA Loans
3.47% 30-yr FHA 11 -2 -24 -7 3.34%
3.53% 20-yr FHA 3 -9 -24 -8 3.39%
3.42% 15-yr FHA 7 -1 -38 2 3.32%
VA Loans
3.47% 30-yr VA 11 -2 -24 -7 3.34%
3.48% 25-yr VA 10 -3 -24 -7 3.35%
3.53% 20-yr VA 3 -9 -24 -8 3.39%
3.68% 15-yr VA 2 1 -24 30 3.35%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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