Current Mortgage Rates Today – Loan rates drop at U.S. Bank and Citibank

5-year ARM Chart

(Best Syndication News) Mortgage interest rates dropped despite an upswing in the equity markets (see the mortgage rate charts below). SunTrust raised their rates while Bank of America, Citigroup, and U.S. Bank lowered their loan rates.

Benchmarks

Bargain hunters reacted to the lower stock prices Thursday despite more negative rhetoric from Washington. House of Representatives Speaker John Boehner said he would bring a proposal to Congress that would raise taxes on Americans making $1 million or more. Traders were optimistic that a solution would be reached.

Republicans in the House didn’t like the plan presented by Boehner and later in the day the speaker withdrew his proposal. The fiasco cast doubt over Boehner’s ability to get things done in Congress and more importantly makes the automatic spending cuts and tax increases in January more likely.

After two days of losses, investors began to hunt for bargains. The Dow Jones Industrial Average gained 60 points while the S&P 500 and the NASDAQ advanced 0.55 percent and 0.20 percent respectively.

The U.S. Treasury Department data showed an increase in competition for government bonds and notes. This competition drove prices higher and yields lower. The 10-year note yield, a common benchmark for the 30-year mortgage, fell one basis point to 1.81 percent (see the benchmark chart below).

Asian stock markets are already feeling the pressure from the failed / failing fiscal-cliff negotiations. The Shanghai composite index (China) is down 0.52 percent in early trading. The Nikkei 225 (Japan) and the Hang Seng (Hong Kong) indexes are down 0.58 percent and 0.76 percent respectively.

There was some better-than-expected economic news. Home prices are rising, as are home sales. The National Association of Realtors (NAR) said that existing homes sales increased to 5.04 million units in November. This was higher than the downwardly revised figure of 4.76 million in October and better than the 4.9 million analysts expected.

The Federal Housing Finance Agency (FHFA) said home prices increased in October. Home prices increased 0.5 percent. In September home prices were flat, according to the agency’s revision.

The U.S. Department of Labor said there were 361,000 initial jobless claims last week. This was higher than the 344,000 the previous week, but below economist expectations of 365,000.

The London InterBank Offered Rate was mostly unchanged.

The Federal Home Loan Mortgage Corp (OTC:FMCC) didn’t change their required net yield (RNY) rates. The Federal National Mortgage Association (OTC:FNMA) lowered their 30-year 30-day RNY rate three bps.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell two basis points (bps) to 3.460 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage tightened one point to 1.650 percent.

The average FHA mortgage rate fell while the average VA loan rate advanced.

Citigroup Inc. (NYSE:C) lowered their conventional rate one basis point to 3.54 percent.

U.S. Bancorp (NYSE:USB) lowered their fixed loan rate 13 bps to 3.45 percent. The Minneapolis-based lender didn’t change their FHA or VA mortgage rates.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell one basis point to 2.936 percent.

Citigroup lowered their 15-year rate two points to 2.95 percent. USB lowered both their 15-year and 20-year mortgage rate seven bps.

The average 5-year adjustable rate mortgage (ARM) fell one point to 3.051 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
12/20/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.44 Bond Buyer's 20-yr bond index 0 17 -23 -17 3.27
2.83 FHLMC 30 yr 30 days RNY 0 0 19 10 1.59
2.87 FHLMC 30 yr 60 days RNY 0 0 19 9 1.68
2.874 FNMA 30 yr 30 days RNY -3 3 1 2 2.635
2.902 FNMA 30 yr 60 days RNY -3 3 0 1 2.68
0.2107 1 Month LIBOR Rate 0 0 0 -3 0.2075
0.31 3 Month LIBOR Rate 0 0 0 -13 0.308
0.51025 6 Month LIBOR Rate 0 0 -2 -21 0.5085
0.843 1 Year LIBOR Rate 0 0 -2 -20 0.8425
2 Call Money 0 0 0 0 2
2.57 20-year Bond Yield Rate * -1 11 22 32 2.2
1.81 10-year Note Yield Rate * -1 9 19 25 1.51
0.15 1-Year Note Yield Rate * 0 2 -5 -2 0.13
0.06 3-month Note Yield Rate * 1 2 -4 -4 0.04
1.011 11th District Cost of Funds 0 0 -3 -11 1.011
2.510 Difference 3-mo & 20 yr ** -2 9 26 36 2.11
1.650 Difference 10yr Note 30yr Loan -1 -6 -15 -39 1.632492
* 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
12/20/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.460% Average 30 yr fixed -2 3 4 -14 3.31%
3.934% Average 30 yr FHA 0 1 1 -11 3.81%
3.705% Average 30-yr VA 0 1 2 -14 3.60%
2.936% Average 15 year FRM -1 0 0 -18 2.92%
3.051% Average 5/1 ARM -1 1 -2 -11 3.04%
3.950% 30 Yr Fixed Jumbo 0 12 11 -17 3.78%
3.068% 15 Yr Fixed Jumbo 0 5 4 -10 2.97%
12/20/12 Citi Financial 1 Day 5 Day 30 Day 100-Day 100-Low
3.54% 30 Year Fixed -1 1 21 -24 3.32%
2.95% 15 Year Fixed -2 0 13 -27 2.81%
12/20/12 U.S. Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.45% 30-Year Fixed -13 -1 -12 -25 3.34%
3.53% 20-Year Fixed -7 -1 3 -10 3.39%
2.75% 15-Year Fixed -7 -7 -13 -43 2.73%
2.87% 10-Year Fixed -8 -8 -15 -27 2.84%
3.79% FHA 30-Year 0 0 0 -13 3.71%
3.43% FHA 15-Year 0 0 15 0 3.29%
3.83% VA 30-Year 0 0 0 -26 3.70%
3.32% VA 15-Year 0 0 -13 -38 3.32%
3.54% 3-Year ARM 0 -3 -3 -13 3.54%
3.32% 5-Year ARM -4 -4 -4 -12 3.32%
3.73% Jumbo 30-Year 0 13 25 0 3.47%
2.89% Jumbo 15-Year 0 13 13 0 2.64%
* Average includes more banks than listed

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