Current Mortgage Rates Today - U.S. Bank and SunTrust raise their rates

FHA Chart

(Best Syndication News) Mortgage interest rates were higher today after investors and secondary lenders assessed new economic reports (see the mortgage rate charts below). SunTrust, U.S. Bank, JPMorgan Chase, and KeyBank were among the banks making changes.

Benchmarks

Good news concerning manufacturing in China provided early confidence for Wall Street traders, but a negative number from the United States deflated the optimism. Lingering fiscal cliff worries also weighed on stocks throughout the session.

HSBC said manufacturing in China grew at a modest pace in November. Their Purchasing Manager’s Index (PMI) climbed to 50.5. Anything over 50 indicates growth while anything below 50 means the manufacturing sector contracted. In October their reading was 49.5.

The good news didn’t last long. The Institute for Supply Management (ISM) report painted a negative picture for the United States. The ISM said the manufacturing sector contracted in November as their index dropped to 49.5. New orders and production are growing, but supplier deliveries are slowing. Employment and inventories are also contracting, according to institute. Manufacturing activity was the lowest since July 2009.

The negative manufacturing news drove the basic material sector down 1.18 percent. Fiscal cliff worries and the negative manufacturing news pushed Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), an international mining company, down more than 1.5 percent during the session. FCX was one of the most actively traded stocks in the sector.

Another loser in the materials sector was The Dow Chemical Company (NYSE:DOW), down nearly three percent during the trading day. DOW management is optimistic about the pickup in China manufacturing, but the recession in Europe and the looming fiscal cliff in the United States weighed on investors.

Blue chips (DJIA) were lower by the closing bell, down 0.46 percent. The broader S&P 500 and tech-heavy NASDAQ also dropped 0.47 percent and 0.27 percent respectively.

Although stock prices fell later in the session, the U.S. Treasury Department said the 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), advanced one basis point to 1.63 percent (see the benchmark chart below).

Secondary lenders were mixed. The Federal National Mortgage Association (OTC:FNMA) raised their 30-year 60-day required net yield (RNY) rate less than one point to 2.826 percent. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their RNY rate two basis points (bps) to 2.71 percent.

The London InterBank Offered Rate (LIBOR) was unchanged.

30-Year Fixed Mortgage Rates

The average conventional 30-year mortgage rate advanced two bps to 3.404 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 and VA loan rates were also higher.

U.S. Bancorp (NYSE:USB) raised their 30-year mortgage rate four bps to 3.46 percent.

SunTrust Banks, Inc. (NYSE:STI) also made some changes, raising their base rate three points to 3.50 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed mortgage rate advanced one point to 2.958 percent.

USB and STI raised their 20-year and 15-year mortgage rates.

The average 5-year adjustable rate mortgage (ARM) climbed one point to 3.077 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Monday 1 Day 5 Day 30 Day 100-Day 100-Day
12/03/12 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 0 -27 -57 3.37
2.67 FHLMC 30 yr 30 days RNY -2 3 -14 -11 1.59
2.71 FHLMC 30 yr 60 days RNY -2 3 -14 -12 1.68
2.796 FNMA 30 yr 30 days RNY 0 -2 0 -14 2.635
2.826 FNMA 30 yr 60 days RNY 0 -2 -1 -15 2.68
0.215 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 -3 -21 0.859
2 Call Money 0 0 0 0 2
2.37 20-year Bond Yield Rate * 0 -1 -20 17 2.11
1.63 10-year Note Yield Rate * 1 -1 -20 11 1.43
0.18 1-Year Note Yield Rate * 0 0 -1 -2 0.16
0.1 3-month Note Yield Rate * 2 0 0 0 0.06
1.011 11th District Cost of Funds 0 -3 -6 -11 1.011
2.270 Difference 3-mo & 20 yr ** -2 -1 -20 17 2.01
1.774 Difference 10yr Note 30yr Loan 1 0 12 -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
12/03/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.404% Average 30 yr fixed 2 -1 -8 -17 3.31%
3.920% Average 30 yr FHA 0 2 -10 -8 3.81%
3.691% Average 30-yr VA 4 3 -14 -8 3.60%
2.958% Average 15 year FRM 1 2 -7 -19 2.92%
3.077% Average 5/1 ARM 1 1 -2 -10 3.06%
3.844% 30 Yr Fixed Jumbo 6 2 -20 -32 3.78%
3.062% 15 Yr Fixed Jumbo -1 3 -8 -20 3.01%
12/03/12 U.S. Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.46% 30-Year Fixed 4 2 -23 -21 3.34%
3.53% 20-Year Fixed 11 1 -13 -1 3.39%
2.82% 15-Year Fixed 2 5 -20 -29 2.73%
2.95% 10-Year Fixed 3 3 -23 -17 2.84%
3.79% FHA 30-Year 0 0 -13 0 3.71%
3.43% FHA 15-Year 0 0 0 0 3.29%
3.83% VA 30-Year 13 0 -26 0 3.70%
3.32% VA 15-Year 0 0 -25 -25 3.32%
3.54% 3-Year ARM 0 -3 -14 -16 3.54%
3.37% 5-Year ARM 4 0 -9 -12 3.32%
3.60% Jumbo 30-Year 13 13 -13 -25 3.47%
2.77% Jumbo 15-Year 0 0 -13 -38 2.77%
12/03/12 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.50% 30 Yr Fixed Conventional 3 -3 -18 -48 3.48%
2.93% 15 Yr Fixed Conventional 2 -1 -8 -63 2.79%
4.01% 30 Yr Jumbo Fixed 0 0 -30 -34 3.53%
2.94% Agency 5/1 ARM 30 Yr 1 0 2 -36 2.42%
2.94% Agency 7/1 ARM 30 Yr 3 0 3 -36 2.87%
4.29% 30 Yr FHA - Fixed 1 -1 -11 -5 4.05%
* Average includes more banks than listed

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