Current Mortgage Rates Today – JPMorgan Chase and PNC lower rates

graph of 30-year FRM

(Best Syndication News) All of the major banks lowered their mortgage interest rates despite a rise in the secondary lending markets (see the mortgage rate charts below). Bank of America, JPMorgan Chase, Citigroup, PNC, SunTrust and other banks made changes.

Benchmarks

Stocks were mostly lower throughout the session Friday as fiscal-cliff talks stalled in Washington. President Barack Obama told a group of employees at a toy factory that if an agreement is not reached by December 31st, income taxes could increase $2,200 for a family of four next year.

The President is pushing for $1.6 trillion in tax increases and $400 billion in spending cuts. Besides the austerity, there would be $190 billion for infrastructure and unemployment insurance.

House Speaker John Boehner told reporters that the Democrats want more spending than what they are willing to cut. He said we are “almost nowhere.”

Costco and other companies have already announced special dividends in anticipation of higher prices. Whole Foods Market, Inc. (NASDAQ:WFM) and Costco Wholesale Corporation (NASDAQ:COST) both announced special dividends as a reward to investors before the expected tax increases.

Right now the dividend tax rate is 15 percent. Next year, if Congress and the Whitehouse fail to act, those taxes could increase to 43.4 percent. Standard and Poor’s said that 216 companies have already declared special dividends.

The U.S. Department of Commerce said that consumer spending decreased 0.2 percent in October. This was below the expected increase of 0.2 percent and well below September’s increase of 0.8 percent. Superstorm / Hurricane Sandy played a role in the decrease.

The stock indexes were mixed. The Dow Jones Industrial Average (DJIA) gained just three points by the closing bell. The S&P 500 advanced just 0.02 percent and the NASDAQ declined 0.06 percent.

The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), was unchanged (see the benchmark chart below).

Secondary lenders also raised their required net yield (RNY) rates. Freddie Mac raised their 30-year 60-day RNY rate one basis point to 2.825 percent.

The London InterBank Offered Rate (LIBOR) was lower.

30-Year Fixed Mortgage Rates

The average 30-year conventional mortgage rate fell one basis point to 3.382 percent (see the mortgage rate charts below). The difference between the 10-year note yield and the 30-year mortgage tightened one point to 1.762 percent.

The average FHA loan rate advanced less than one point; however, the average VA loan rate fell four bps to 3.652 percent.

JPMorgan Chase & Co. (NYSE:JPM) lowered their 30-year fixed mortgage rate one point to 3.34 percent.

PNC Financial Services (NYSE:PNC) lowered their conventional rate two bps to 3.60 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell one basis point to 2.951 percent.

PNC lowered their 20-year loan rate one point while JPM lowered their 20-year loan rate one point. See the chart below for their 15-year loan rates.

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

By: John Waters
Business Reporter

Benchmark Chart:

Friday 1 Day 5 Day 30 Day 100-Day 100-Day
11/30/12 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
2.69 FHLMC 30 yr 30 days RNY 1 -1 -11 -5 1.59
2.73 FHLMC 30 yr 60 days RNY 1 -1 -11 -6 1.68
2.794 FNMA 30 yr 30 days RNY 1 -4 1 -17 2.635
2.825 FNMA 30 yr 60 days RNY 1 -4 0 -18 2.68
0.2145 1 Month LIBOR Rate 0 1 0 -3 0.2075
0.3105 3 Month LIBOR Rate 0 0 -1 -14 0.31
0.526 6 Month LIBOR Rate 0 0 -3 -20 0.523
0.86 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 * 0 -2 -18 19 2.11
1.62 10-year Note Yield Rate * 0 -4 -17 12 1.43
0.18 1-Year Note Yield Rate * 0 1 0 -2 0.16
0.08 3-month Note Yield Rate * -1 -2 -2 0 0.06
1.011 11th District Cost of Funds -3 -3 -6 -11 1.011
2.290 Difference 3-mo & 20 yr ** 1 0 -16 19 2.01
1.762 Difference 10yr Note 30yr Loan -1 -1 7 -31 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
11/30/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.382% Average 30 yr fixed -1 -5 -10 -19 3.31%
3.920% Average 30 yr FHA 0 -1 -10 -8 3.81%
3.652% Average 30-yr VA -4 -4 -21 -12 3.60%
2.951% Average 15 year FRM -1 0 -8 -18 2.92%
3.066% Average 5/1 ARM -1 -1 -2 -11 3.06%
3.788% 30 Yr Fixed Jumbo -3 -3 -26 -38 3.78%
3.069% 15 Yr Fixed Jumbo -1 3 -8 -19 3.01%
11/30/12 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-Low
2.74% 10 Year Fixed 0 -5 13 3 2.44%
2.84% 15 Year Fixed 0 -2 13 -2 2.48%
3.47% 20 Year Fixed -1 -4 14 0 3.14%
3.60% 30 Year Fixed -2 -3 9 -2 3.33%
Certain Areas
2.81% 10 Year Fixed -3 -13 15 0 2.44%
2.93% 15 Year Fixed -9 -13 14 -22 2.49%
3.82% 20 Year Fixed -1 -1 35 13 3.15%
3.97% 30 Year Fixed -1 -2 12 11 3.35%
11/30/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.34% 30-Year Fixed Rate -1 -11 -36 -37 3.33%
3.26% 20-Year Fixed Rate -1 -3 -38 -33 3.23%
2.92% 15-Year Fixed Rate -2 0 -21 -11 2.79%
3.07% 7/1 ARM -1 0 4 -16 2.98%
3.07% 5/1 ARM -3 0 4 -20 2.98%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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