Current Mortgage Rates Today – PNC and Wells Fargo Lower Rates

15-Year Mortgage Rate

(Best Syndication News) Mortgage interest rates slipped as equities sank and then advanced later in the session (see the mortgage charts below). Nearly all of the major banks, including JPMorgan Chase, KeyBank, Bank of America, and Wells Fargo, lowered their loan rates.

Benchmarks

The Dow muddled around the par mark throughout the day before closing slightly higher by the closing bell. Factory orders and a positive service index figure helped stave-off fiscal cliff fears – at least temporarily. The three major stock indexes moved lower but shifted higher mid-morning before leveling-out throughout most of the day.

A day after a report found that the banking industry made more money in the third-quarter than they have made since 2006, the nation’s third largest lender announced massive layoffs and the closure of some of their branches. Despite a six percent increase in profits YoY by the industry, Citigroup Inc. (NYSE:C) will lay-off 11,000 employees.

Many of the lay-offs will be made in their consumer banking business. The bank says the repositioning move is being done to streamline their operations. The shares of Citi shot-up more than six percent during the session.

The layoffs are not part of an industry trend, but are part of the restructuring all banks have undergone since the mortgage crisis began. Automatic Data Processing (NASDAQ:ADP) said the private sector added 118,000 jobs in November. This is down from 157,000 in October. The slowdown in hiring was mostly due to Hurricane Sandy.

The Mortgage Bankers Association (MBA) said that mortgage applications climbed 4.5 percent last week. This follows two weeks of declines.

The Department of Commerce reported today that factory orders increased 0.8 percent in October. This was welcome news to analysts who predicted a decline of 0.5 percent.

The Institute for Supply Management (ISM) said their services index hit 54.7 in November. Analysts expected the index to reach just 53. This was positive information for investors.

The Dow Jones Industrial Average (INDEXDJX:.DJI) climbed 82 points on the day. The broader S&P 500 nudged 0.16 percent higher, but the tech-heavy NASDAQ fell 0.77 percent. Shares of Apple Inc. (NASDAQ:AAPL) weighed heavy on the NASDAQ, dropping more than six percent during the trading session. The stock price continued to fall in the after-hours.

The U.S. Department of Treasury data showed money flowing into the government safe-havens. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), dropped two basis points (bps) to 1.6 percent (see the benchmark chart below).

Today the Federal National Mortgage Association (OTC:FNMA) lowered their 30-year 60-day required net yield (RNY) rate two bps to 2.81 percent.

The London InterBank Offered Rate (LIBOR) was unchanged.

30-Year Fixed Mortgage Rates

The average 30-year fixed mortgage rate fell three bps to 3.351 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage rate tightened one basis point to 1.751 percent.

The average FHA loan rate slipped five bps and the average VA mortgage rate fell three bps.

Wells Fargo & Company (NYSE:WFC) lowered their conventional loan rate 13 bps to 3.42 percent. PNC Financial Services (NYSE:PNC) lowered their 30-year loan rate nine bps to 3.51 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell two bps to 2.931 percent.

WFC lowered their 15-year rate 13 bps to 2.80 percent. PNC lowered their 15-year rate two bps and their 20-year mortgage rate one basis point.

The average 5-year adjustable rate mortgage (ARM) was nearly unchanged.

Jumbo Loans

The average 30-year jumbo mortgage rate advanced slightly to 3.782 percent. WFC held their 30-year jumbos unchanged, however the lender lowered their ARM jumbo four bps to 2.95 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
12/05/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.29 Bond Buyer's 20-yr bond index 0 -8 -39 -54 3.29
2.66 FHLMC 30 yr 30 days RNY 0 -2 -13 -9 1.59
2.69 FHLMC 30 yr 60 days RNY 0 -3 -14 -11 1.68
2.78 FNMA 30 yr 30 days RNY -2 -1 1 -16 2.635
2.81 FNMA 30 yr 60 days RNY -2 -1 0 -18 2.68
0.213 1 Month LIBOR Rate 0 0 0 -3 0.2075
0.3105 3 Month LIBOR Rate 0 0 0 -14 0.31
0.525 6 Month LIBOR Rate 0 0 -2 -20 0.523
0.859 1 Year LIBOR Rate 0 0 -2 -21 0.859
2 Call Money 0 0 0 0 2
2.35 20-year Bond Yield Rate * -1 -2 -20 13 2.11
1.6 10-year Note Yield Rate * -2 -2 -20 7 1.43
0.18 1-Year Note Yield Rate * 0 0 0 0 0.16
0.1 3-month Note Yield Rate * 0 1 -1 0 0.06
1.011 11th District Cost of Funds 0 -3 -6 -11 1.011
2.250 Difference 3-mo & 20 yr ** -1 -3 -19 13 2.01
1.751 Difference 10yr Note 30yr Loan -1 -2 8 -30 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
12/05/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.351% Average 30 yr fixed -3 -4 -12 -23 3.31%
3.868% Average 30 yr FHA -5 -5 -13 -13 3.81%
3.656% Average 30-yr VA -3 -4 -9 -11 3.60%
2.931% Average 15 year FRM -2 -3 -6 -21 2.92%
3.066% Average 5/1 ARM 0 -1 -2 -10 3.06%
3.782% 30 Yr Fixed Jumbo 0 -4 -26 -38 3.78%
3.030% 15 Yr Fixed Jumbo -3 -5 -7 -23 3.01%
12/05/12 Wells Fargo 1 Day 5 Day 30 Day 100-Day 100-Day
3.42% 30-Year Fixed -13 -13 -38 -38 3.42%
4.14% 30-Year Fixed FHA -14 -14 -14 -27 4.14%
2.80% 15-Year Fixed -13 -13 -25 -38 2.80%
2.95% 5-Year ARM 0 -4 -9 -21 2.95%
2.90% 5-Year ARM FHA 0 0 -5 -14 2.90%
Certain areas
3.63% 30-Year Fixed 0 -13 -38 -38 3.63%
4.22% 30-Year Fixed FHA 0 0 -55 -55 4.22%
2.99% 5-Year ARM 0 -4 -9 -21 2.99%
Jumbo Loans
3.63% 30-Year Fixed 0 -13 -50 -63 3.63%
2.95% 5-Year ARM -4 -9 -22 -38 2.95%
4.27% 30 Yr FHA - Fixed 0 0 -13 -7 4.05%
12/05/12 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-Low
2.72% 10 Year Fixed -3 -3 13 3 2.44%
2.82% 15 Year Fixed -2 -2 13 -2 2.48%
3.46% 20 Year Fixed -1 -3 20 -1 3.14%
3.51% 30 Year Fixed -9 -11 2 -11 3.33%
Certain Areas
2.81% 10 Year Fixed 0 -3 18 10 2.44%
2.93% 15 Year Fixed 0 -9 16 -11 2.49%
3.60% 20 Year Fixed -21 -24 14 -10 3.15%
3.89% 30 Year Fixed 0 -9 25 3 3.35%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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