Current Mortgage Rates Today – PNC and Citibank were among lenders lowering rates

KKKKKKKJJJJJJJJJJJJ

(Best Syndication News) Lenders lowered their mortgage interest rates as money flowed back into the safe-havens (see the mortgage rate charts below). PNC, SunTrust, Citibank, and JPMorgan Chase were among the banks making changes.

Benchmarks

Jittery investors began migrating from equities on news that banks will pay out billions of dollars in mortgage settlements. Bank of America Corp (NYSE:BAC) announced a settlement concerning Countrywide and Fannie Mae. The Charlotte N.C. based lender agreed to pay Fannie $3.6 billion to compensate for bad loans made by Countrywide.

BAC also agreed to buy back $6.75 billion in bad mortgages Countrywide sold the government sponsored enterprise (GSE). The bank will also relinquish the servicing of two million loans. Despite the cost to the bank, investors were happy to see some closure and certainty. The stock price dropped just slightly during the session but moved higher in the after-hours.

The settlement was good news for BAC. The bank, along with nine other major banks, also made a settlement concerning their foreclosure process. The agreement will involve a case-by-case review of their practices.

All three of the major U.S. indexes pulled-back as investors began to take profits. The Dow Jones Industrial Average (DJIA) fell 51 points; the broader S&P 500 slipped 0.31 percent and the tech-heavy NASDAQ dropped just 0.09 percent.

The shift in capital markets into the government safe-havens drove bond and note prices higher and yields lower. According to the U.S. Treasury Department, the 10-year note yield fell one basis point to 1.92 percent (see the benchmark chart below).

Secondary lenders also made some changes. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their 30-year 30-day required net yield (RNY) rate six basis points (bps) to 2.9 percent. The Federal National Mortgage Association (OTC:FNMA) lowered their RNY rate seven bps to 2.967 percent.

The London InterBank Offered Rate was mostly lower again. The 1-month and 3-month were unchanged; however, the 6-month LIBOR fell to 0.50025 percent and the 1-year LIBOR fell to 0.8345 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell four bps to 3.533 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage tightened three bps to 1.613 percent.

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

Citigroup Inc. (NYSE:C) lowered their conventional rate eight bps to 3.58 percent.

PNC Financial Services (NYSE:PNC) lowered their base rate 22 bps to 3.75 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell one bps to 2.973 percent.

Citigroup lowered their 15-year mortgage rate nine bps to 2.97 percent.

PNC lowered their 20-year loan rate four bps to 3.72 percent. The lender also lowered their 15-year rate five bps.

The average 5-year adjustable rate mortgage (ARM) slipped slightly to 3.065 percent.

By: John Waters
Business Reporter

Benchmarks:

Monday 1 Day 5 Day 30 Day 100-Day 100-Day
01/07/13 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.58 Bond Buyer's 20-yr bond index 0 -6 17 -17 3.27
2.9 FHLMC 30 yr 30 days RNY -6 7 12 3 1.59
2.94 FHLMC 30 yr 60 days RNY -5 7 12 2 1.68
2.967 FNMA 30 yr 30 days RNY -7 12 14 -11 2.635
2.995 FNMA 30 yr 60 days RNY -9 12 14 -14 2.68
0.2077 1 Month LIBOR Rate 0 0 0 -3 0.2075
0.305 3 Month LIBOR Rate 0 0 -1 -13 0.305
0.50025 6 Month LIBOR Rate 0 -1 -3 -22 0.50025
0.8345 1 Year LIBOR Rate 0 -1 -2 -21 0.8345
2 Call Money 0 0 0 0 2
2.7 20-year Bond Yield Rate * 0 16 28 17 2.29
1.92 10-year Note Yield Rate * -1 14 22 12 1.57
0.15 1-Year Note Yield Rate * 0 -1 -4 -4 0.13
0.07 3-month Note Yield Rate * 0 2 -3 -2 0.01
1 11th District Cost of Funds 0 0 -4 -12 1
2.630 Difference 3-mo & 20 yr ** 0 14 31 19 2.2
1.613 Difference 10yr Note 30yr Loan -3 -4 -14 -37 1.573746
* 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
01/07/13 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.533% Average 30 yr fixed -4 10 8 -25 3.31%
3.967% Average 30 yr FHA -3 4 3 -27 3.81%
3.816% Average 30-yr VA -4 12 11 -11 3.60%
2.973% Average 15 year FRM -1 4 1 -19 2.92%
3.065% Average 5/1 ARM 0 2 -1 -8 3.04%
3.942% 30 Yr Fixed Jumbo -6 6 6 -29 3.78%
3.136% 15 Yr Fixed Jumbo -4 10 6 -13 2.97%
01/07/13 Citi Financial 1 Day 5 Day 30 Day 100-Day 100-Low
3.58% 30 Year Fixed -8 5 14 -49 3.32%
2.97% 15 Year Fixed -9 4 13 -49 2.81%
01/07/13 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-Low
2.84% 10 Year Fixed -3 7 3 -5 2.44%
2.89% 15 Year Fixed -5 4 2 -13 2.48%
3.72% 20 Year Fixed -4 21 14 -3 3.14%
3.75% 30 Year Fixed -22 13 12 -21 3.33%
Certain Areas
2.96% 10 Year Fixed -13 13 0 -10 2.44%
3.05% 15 Year Fixed -21 4 0 -21 2.49%
3.94% 20 Year Fixed -3 11 10 -1 3.15%
4.10% 30 Year Fixed -1 11 9 -4 3.35%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

Report Errorght=height: 12.75pt;17

Share/Save/Bookmark

      

Post to Facebook

Important: The material on Best Syndication is for informational purposes only and is not meant to be advice. Authors may have or will receive monetary compensation from the company's product/s mentioned. You should always seek professional advice before making any legal, financial or medical decisions and this website cannot substitute or replace any trained professional consultation.
Use of this site means that you agree to our TERMS OF SERVICE

Advertise On This Site
Copyright © 2006-2015 By Best Syndication All Rights Reserved