Current Mortgage Rates Today – Citibank and KeyBank among lenders raising loans

15-Year FRM

(Best Syndication News) Mortgage interest rates continued to move higher despite a stumble in the equity markets (see the mortgage rate charts below). JPMorgan Chase, SunTrust, Citigroup, and KeyBank were among the banks raising their loan products.

Benchmarks

Markets in the United States were only open for half the day but that didn’t stop a quick sell-off. Most of the economic news last week was positive, but the fiscal cliff uncertainty continued to put downward pressure on the equity markets.

The Department of Commerce said that orders for durable goods increased 0.7 percent in November. That was good news considering some economists had expected a drop. When excluding transportation, that figure increased 1.6 percent.

The number of existing home sales is increasing, according to the National Association of Realtors (NAR). The association calculated that more than 5 million existing homes were sold in November.

Housing prices are also improving. The Federal Housing Finance Administration (FHFA), a regulator of Fannie Mae and Freddie Mac, said home prices in October increased 0.5 percent.

Neither announcement – improving home prices nor existing home sales – helped the housing industry. On Thursday construction services outperformed the S&P 500 index, but on Friday and Monday the sub-sector lagged the wider market. PulteGroup, Inc. (NYSE:PHM), a widely-held actively traded stock (dollar value), fell 0.2 percent while Hovnanian Enterprises, Inc. (NYSE:HOV) dropped more than three percent.

The blue chips (DJIA) slipped more than 51 points. The broader S&P 500 fell 0.24 percent and the tech-heavy NASDAQ dropped 0.28 percent. Over the last three business days the construction services sub-sector fell 0.83 percent and the S&P 500 slipped 0.64 percent.

The U.S. Department of Treasury data showed a slowdown in competition for government bonds and notes. Prices began to drop allowing yields to increase. The 10-year note yield advanced two basis points (bps) to 1.79 percent (see the benchmark chart below).

Secondary markets were mixed. The Federal Home Loan Mortgage Corp (OTC:FMCC) raised their 30-year 60-day required net yield (RNY) rate one basis point but the Federal National Mortgage Association (OTC:FNMA) lowered their rate one point.

The London InterBank Offered Rate (LIBOR) was unchanged.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage advanced one basis point to 3.434 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage tightened one point to 1.644 percent.

The average FHA loan rate climbed one point to 3.930 percent and the average VA mortgage rate was nearly unchanged at 3.696 percent.

Citigroup Inc. (NYSE:C) raised their conventional rate nine bps to 3.53 percent.

KeyCorp (NYSE:KEY) raised their fixed mortgage rates less than one point to 3.55 percent. The lender also increased their FHA and VA financing rates.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage advanced one point to 2.941 percent.

Citigroup raised their rate two bps to 2.97 percent. The KEY rate climbed to 2.91 percent.

The average 5-year adjustable rate mortgage (ARM) jumped one point to 3.062 percent.

By; John Waters
Business Reporter

Benchmark Chart

Monday 1 Day 5 Day 30 Day 100-Day 100-Day
12/24/12 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 0 -23 -17 3.27
2.82 FHLMC 30 yr 30 days RNY 0 -4 15 19 1.59
2.86 FHLMC 30 yr 60 days RNY 1 -3 15 18 1.68
2.871 FNMA 30 yr 30 days RNY -1 -1 11 1 2.635
2.9 FNMA 30 yr 60 days RNY -1 -1 11 -1 2.68
0.2097 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
2.53 20-year Bond Yield Rate * 1 -6 19 23 2.29
1.79 10-year Note Yield Rate * 2 -5 18 19 1.57
0.16 1-Year Note Yield Rate * 1 0 -2 0 0.13
0.06 3-month Note Yield Rate * 0 0 -3 -3 0.04
1.011 11th District Cost of Funds 0 0 -3 -11 1.011
2.470 Difference 3-mo & 20 yr ** 1 -6 22 26 2.19
1.644 Difference 10yr Note 30yr Loan -1 1 -15 -38 1.632492
* 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
12/24/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.434% Average 30 yr fixed 1 -4 3 -19 3.31%
3.930% Average 30 yr FHA 1 -1 -1 -14 3.81%
3.696% Average 30-yr VA 0 -1 4 -18 3.60%
2.941% Average 15 year FRM 1 0 1 -19 2.92%
3.062% Average 5/1 ARM 1 1 -1 -9 3.04%
3.937% 30 Yr Fixed Jumbo 4 5 8 -21 3.78%
3.078% 15 Yr Fixed Jumbo 1 2 5 -12 2.97%
12/24/12 Citi Financial 1 Day 5 Day 30 Day 100-Day 100-Low
3.53% 30 Year Fixed 9 -2 21 -28 3.32%
2.97% 15 Year Fixed 2 0 13 -25 2.81%
12/24/12 Key Bank 1 Day Pt 5 Day Pt 30 Day 100-Day 100-Low
3.55% 30-yr Fixed Rate 0 -5 -6 -23 3.45%
2.91% 15-yr Fixed Rate 0 -4 -6 -14 2.89%
Adjustable Rate Mortgage
3.19% 10/1 ARM 4 -3 5 2 3.10%
3.07% 7/1 ARM 0 0 10 4 2.97%
3.08% 5/1 ARM 2 0 7 2 3.00%
3.57% 3/1 ARM 2 -3 -1 12 3.43%
FHA Loans
3.47% 30-yr FHA 1 -2 0 -14 3.34%
3.54% 20-yr FHA 2 -2 1 -19 3.39%
3.41% 15-yr FHA 8 -1 -27 3 3.32%
VA Loans
3.47% 30-yr VA 0 -2 0 -16 3.34%
3.49% 25-yr VA 0 -2 0 -16 3.35%
3.54% 20-yr VA 2 -8 0 -19 3.39%
3.42% 15-yr VA 2 -1 -36 5 3.35%
* Average includes more banks than listed

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