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Current Mortgage Rates Today – HSBC lowers rates while KeyBank raises them

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ARM Chart

(Best Syndication News) Mortgage interest rates were nearly unchanged today as secondary lenders post mixed required net yield rates (see the mortgage rate charts below). Bank of America and HSBC lowered their loan rates while KeyBank and SunTrust raised them.

Benchmarks

Stocks advanced Thursday after the U.S. Department of Labor released a better-than-expected initial jobless claims number. The Labor Department said that 370,000 Americans filed for initial jobless claims last week. That is 25,000 fewer than the previous week and below analyst expectations of 385,000.

Economists expected a bump in jobless claims following Hurricane / Superstorm Sandy. There were 3,205,000 continuing claims, below analyst expectations of 3,270,000.

The consulting firm Challenger Grey and Christmas said that companies cut 57,081 jobs in November. That is up 20 percent from October’s figure of 47,724.

On Friday the Labor Department will release their November unemployment figures. Some analysts believe the unemployment rate could climb to 8.1 percent, up from 7.9 percent in October.

The fiscal cliff continued to weigh on equities. There are also concerns about the debt limit, which will need to be adjusted next year. There were no compromises made in Washington this week and some economists fear that the unemployment rate could climb to 11 percent if no agreement is reached.

The Federal Reserve said that household net worth increased $1.7 trillion in the third quarter. The total net worth is now $64.8 trillion. Net worth includes assets like homes and stock portfolios minus liabilities like mortgages and credit card debt.

The Dow Jones Industrial Average advanced nearly 40 points while the broader S&P 500 gained 0.33 percent. The NASDAQ was up 0.52 percent.

Home goods could outpace electronics and even toys this holiday season. Things like cookware and kitchen knives will show the strongest growth this year, according to a report from International Business Machines Corp. (NYSE:IBM). Home product sales are expected to increase 6.5 percent while toy spending should increase only 1.3 percent. The dollar volume of electronics could drop 2.8 percent.

The U.S. Treasury Department data showed that money flowed into the government safe havens. The increased competition for bonds and notes drove prices higher and yields lower. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), fell one basis point to 1.59 percent (see the benchmark chart below).

Secondary lenders, including Fannie Mae and Freddie Mac, were mixed. The Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 60-day required net yield (RNY) rate three bps to 2.72 percent. The Federal National Mortgage Association (OTC:FNMA) lowered their rate one basis point to 2.804 percent.

The London InterBank Offered Rate (LIBOR) was mostly lower. The 6-month LIBOR fell to 0.524 percent and the 1-year LIBOR fell to 0.855 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed mortgage rate fell less than one point to 3.349 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage expanded one point to 1.759 percent.

The average FHA loan rate advanced to 3.869 percent. The VA loan rate was unchanged.

HSBC Holdings plc (ADR) (NYSE:HBC) lowered their purchase and refinance rates 13 bps.

KeyCorp (NYSE:KEY) raised their conventional lending rate three bps to 3.48 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage (FRM) fell less than one point to 2.927 percent.

KEY raised their 15-year rate to 2.92 percent.

The average 5-year adjustable rate mortgage (ARM) advanced to 3.066 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
12/06/12 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
2.68 FHLMC 30 yr 30 days RNY 2 -1 -16 -5 1.59
2.72 FHLMC 30 yr 60 days RNY 3 -1 -16 -6 1.68
2.774 FNMA 30 yr 30 days RNY -1 -2 -7 -19 2.635
2.804 FNMA 30 yr 60 days RNY -1 -2 -9 -20 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
0.524 6 Month LIBOR Rate 0 0 -2 -20 0.523
0.855 1 Year LIBOR Rate 0 -1 -3 -21 0.855
2 Call Money 0 0 0 0 2
2.33 20-year Bond Yield Rate * -2 -4 -27 12 2.11
1.59 10-year Note Yield Rate * -1 -3 -27 7 1.43
0.18 1-Year Note Yield Rate * 0 0 -1 0 0.16
0.1 3-month Note Yield Rate * 0 2 -1 1 0.06
1.011 11th District Cost of Funds 0 0 -6 -11 1.011
2.230 Difference 3-mo & 20 yr ** -2 -6 -26 11 2.01
1.759 Difference 10yr Note 30yr Loan 1 0 6 -28 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
12/06/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.349% Average 30 yr fixed 0 -3 -21 -21 3.31%
3.869% Average 30 yr FHA 0 -5 -13 -13 3.81%
3.656% Average 30-yr VA 0 0 -17 -11 3.60%
2.927% Average 15 year FRM 0 -2 -12 -21 2.92%
3.066% Average 5/1 ARM 0 0 -3 -10 3.06%
3.782% 30 Yr Fixed Jumbo 0 -1 -30 -38 3.78%
2.972% 15 Yr Fixed Jumbo -6 -10 -21 -28 2.97%
12/06/12 HSBC 1 Day 5 Day 30 Day 100-Day 100-Day
3.09% 15 Year Purchase 0 0 -13 -26 3.09%
3.35% 15 Year Refinance 0 0 -13 -13 3.35%
3.50% 30 Year Purchase -13 -13 -25 -38 3.50%
3.75% 30 Year Refinance -13 -13 -25 -25 3.75%
3.79% 30 Year FHA/VA Purchase 0 0 0 -13 3.66%
3.92% 30 Year FHA/VA Refinance 0 0 0 -13 3.79%
3.25% 30 Year CommunityWorks 0 0 -13 -51 3.12%
3.33% 3/1 YR LIBOR ARM 0 0 0 -17 3.33%
3.34% 5/1 YR LIBOR ARM 0 0 0 -12 3.34%
12/06/12 Key Bank 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.48% 30-yr Fixed Rate 3 -1 -29 -14 3.45%
2.92% 15-yr Fixed Rate 0 -3 -19 -6 2.89%
Adjustable Rate Mortgage
3.13% 10/1 ARM 0 -2 -12 -10 3.10%
3.00% 7/1 ARM 0 -2 -10 -6 2.97%
3.03% 5/1 ARM 2 -2 -8 -11 3.00%
3.56% 3/1 ARM 0 -2 11 -5 3.43%
FHA Loans
3.36% 30-yr FHA 0 -11 -26 -19 3.34%
3.50% 20-yr FHA 0 -4 -26 -12 3.39%
3.39% 15-yr FHA 0 -3 -30 6 3.32%
VA Loans
3.35% 30-yr VA 0 -11 -26 -19 3.34%
3.37% 25-yr VA 0 -11 -26 -19 3.35%
3.49% 20-yr VA 0 -4 -26 -12 3.39%
3.63% 15-yr VA 0 -5 -16 29 3.35%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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