Current Mortgage Rates Today – SunTrust, KeyBank, and other lenders lower rates

VA Loans

(Best Syndication News) Mortgage interest rates shifted lower again as capital markets swung back into the safe-havens (see the mortgage rate charts below). Bank of America raised their rates while most other lenders lowered them.

Benchmarks

A better-than-expected earnings report from Alcoa Inc. (NYSE:AA) wasn’t enough to pull the Dow Jones Industrial Average (DJIA) higher Tuesday. The company also sees a fruitful 2013 if investors don’t focus on negative factors like the debt ceiling. The price of raw materials, including aluminum, can be affected by consumer confidence.

Klaus Kleinfeld, the Chairman and CEO of Alcoa, told reporters there was growth in the United States. For several years prices have been in the doldrums, but a robust automotive and aerospace market increased demand for their materials. Kaiser Aluminum Corp. (NASDAQ:KALU) also benefited from the positive earnings report.

The Federal Reserve said that consumer credit increased in November. The central bank said that total consumer credit increased seven percent in November, but revolving credit increased only 1.1 percent while non-revolving credit increased 9.6 percent (annual rates). Revolving credit in October, which includes credit cards, decreased.

The blue chips (DJIA) fell 55.44 points as investors took profits after last week’s run-up. The NASDAQ sank 0.23 percent and the S&P 500 dropped 0.32 percent.

Data collected by the U.S. Treasury Department suggested that money flowed back into the safe-havens. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), fell three basis points (bps) to 1.89 percent (see the benchmark chart below).

The bond buyer’s 20-year bond index advanced 10 bps to 3.68 percent last week.

The secondary lenders, including Fannie Mae and Freddie Mac, were able to lower their required net yield (RNY) rates. The Federal Home Loan Mortgage Corp (OTC:FMCC) lowered their 30-year 60-day RNY rate four bps to 2.9 percent. The Federal National Mortgage Association (OTC:FNMA) lowered their RNY rate one point to 2.981 percent.

The London InterBank Offered Rate (LIBOR) was unchanged.

30-Year Fixed Mortgage Rates

The average 30-year fixed mortgage rate fell one basis point to 3.520 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage expanded two bps to 1.630 percent.

The average FHA and VA mortgage rate fell two bps.

SunTrust Banks, Inc. (NYSE:STI) lowered their conventional purchase rate six bps to 3.54 percent. Their FHA rate fell four bps to 4.23 percent.

KeyCorp (NYSE:KEY) lowered their rate two bps to 3.60 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell less than one point to 2.970 percent.

STI lowered their 15-year rate two bps; however KEY raised their rate.

The average 5-year adjustable rate mortgage (ARM) climbed one point to 3.072 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
01/08/13 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.68 Bond Buyer's 20-yr bond index 10 10 27 -7 3.27
2.86 FHLMC 30 yr 30 days RNY -4 3 16 -8 1.59
2.9 FHLMC 30 yr 60 days RNY -4 3 16 -9 1.68
2.953 FNMA 30 yr 30 days RNY -1 5 12 -18 2.635
2.981 FNMA 30 yr 60 days RNY -1 4 11 -20 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 -3 -21 0.8345
2 Call Money 0 0 0 0 2
2.66 20-year Bond Yield Rate * -4 3 27 9 2.29
1.89 10-year Note Yield Rate * -3 3 23 6 1.57
0.14 1-Year Note Yield Rate * -1 -1 -3 -6 0.13
0.07 3-month Note Yield Rate * 0 -1 -3 -2 0.01
1 11th District Cost of Funds 0 0 -4 -12 1
2.590 Difference 3-mo & 20 yr ** -4 4 30 11 2.2
1.630 Difference 10yr Note 30yr Loan 2 3 -14 -36 1.573746
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day 100-Day
01/08/13 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. High Low
3.520% Average 30 yr fixed -1 6 9 -30 3.83% 3.31%
3.942% Average 30 yr FHA -2 0 2 -38 4.32% 3.81%
3.791% Average 30-yr VA -2 9 9 -20 3.99% 3.60%
2.970% Average 15 year FRM 0 1 2 -25 3.22% 2.92%
3.072% Average 5/1 ARM 1 2 0 -8 3.15% 3.04%
3.935% 30 Yr Fixed Jumbo -1 1 12 -34 4.28% 3.78%
3.133% 15 Yr Fixed Jumbo 0 1 10 -21 3.35% 2.97%
01/08/13 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-High 100-Low
3.54% 30 Yr Fixed Conventional -6 1 0 -49 4.03% 3.43%
2.91% 15 Yr Fixed Conventional -2 -1 -7 -52 3.70% 2.79%
4.10% 30 Yr Jumbo Fixed 0 1 9 -41 4.51% 3.53%
2.95% Agency 5/1 ARM 30 Yr 0 0 0 -18 3.16% 2.42%
2.96% Agency 7/1 ARM 30 Yr -3 0 2 -15 3.24% 2.87%
4.23% 30 Yr FHA - Fixed -4 -12 -7 -49 5.02% 4.05%
01/08/13 Key Bank 1 Day Pt 5 Day Pt 30 Day 100-Day 100-High 100-Low
3.60% 30-yr Fixed Rate -2 5 5 -36 3.98% 3.45%
2.90% 15-yr Fixed Rate 0 3 -9 -46 3.41% 2.87%
Adjustable Rate Mortgage
3.15% 10/1 ARM -3 -6 -6 -14 3.39% 3.10%
3.06% 7/1 ARM 2 0 -1 -3 3.20% 2.97%
3.05% 5/1 ARM 2 0 -3 -6 3.18% 3.00%
3.58% 3/1 ARM 0 1 0 6 3.60% 3.43%
FHA Loans
3.50% 30-yr FHA -8 2 2 -34 3.84% 3.34%
3.63% 20-yr FHA -1 2 8 -29 3.92% 3.39%
3.39% 15-yr FHA -2 -1 -2 -17 3.80% 3.32%
VA Loans
3.50% 30-yr VA -7 3 3 -33 3.83% 3.34%
3.52% 25-yr VA -7 3 3 -32 3.85% 3.35%
3.62% 20-yr VA -1 2 8 -29 3.92% 3.39%
3.39% 15-yr VA -2 -3 -27 -19 4.40% 3.35%
* Average includes more banks than listed

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