Mortgage rates were higher today as the benchmarks provide mixed results
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(Best Syndication News) Mortgage interest rates jumped four basis points (bps) on Friday as money flowed back into equities (see the mortgage rate charts below). A set of worse-than-expected economic indicators put pressure on stocks throughout the week.
Benchmarks
The Dow Jones Industrial Average (DJIA) advanced 48 points (+0.35%) on Friday but was down 12.02 percent on the week. On Monday the Department of Commerce said that Factory orders increased just 1.8 percent in December. Economists were expecting a three percent increase.
On Tuesday the Institute for Supply Management (ISM) said their services index (non-manufacturing) slipped from 56.1 in December to 55.2 in January. The Labor Department said there were 365,000 initial jobless claims last week. Analysts were expecting just 365,000.
The U.S. Treasury Department said the 10-year note prices increased last week. Higher security prices mean lower yields. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), fell one basis point last week (see the benchmark chart below).
The London InterBank Offered Rate (LIBOR) fell slightly while Fannie Mae lowered their required net yield (RNY) rates.
30-Year Fixed Mortgage Rates
The average 30-year fixed mortgage rate advanced four basis points (bps) Friday (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage expanded four bps to 1.680 percent.
The average FHA and VA loan rates were higher.
HSBC raised their purchase mortgage rate 13 bps. The lender also raised their refinance rate 13 bps to 4.13 percent.
Wells Fargo & Company (WFC) raised their rate 13 bps.
15-Year FRM and 5/1 ARM
The average 15-year fixed mortgage rate advanced one basis point Friday. SunTrust Banks, Inc. (STI) raised their 15-year rate three bps to 3.01 percent.
The average 5-year adjustable rate mortgage (ARM) slipped less than one point to 2.982 percent.
See the chart below for other bank rates.
By: John Waters
Business Reporter
Benchmark Chart:
| Friday | 1 Day | 5 Day | 30 Day | 100-Day | 100-Day | |
| 02/08/13 | Benchmark | Point Ch. | Point Ch. | Point Ch. | Point Ch. | Low |
| 3.250 | Prime Rate | 0 | 0 | 0 | 0 | 3.25 |
| 3.67 | Bond Buyer's 20-yr bond index | 0 | 13 | 3 | -12 | 3.27 |
| 3.05% | FHLMC 30 yr 30 days RNY | 0 | 0 | -275 | -240 | 0.0305 |
| 3.08 | FHLMC 30 yr 60 days RNY | 0 | 0 | 26 | 58 | 1.68 |
| 3.121 | FNMA 30 yr 30 days RNY | 0 | -4 | 25 | 30 | 2.635 |
| 3.154 | FNMA 30 yr 60 days RNY | -1 | -4 | 26 | 30 | 2.68 |
| 0.2002 | 1 Month LIBOR Rate | 0 | 0 | -1 | -2 | 0.1982 |
| 0.292 | 3 Month LIBOR Rate | 0 | 0 | -2 | -9 | 0.292 |
| 0.4654 | 6 Month LIBOR Rate | 0 | 0 | -4 | -20 | 0.4654 |
| 0.766 | 1 Year LIBOR Rate | 0 | -1 | -8 | -22 | 0.766 |
| 2 | Call Money | 0 | 0 | 0 | 0 | 2 |
| 2.79 | 20-year Note Yield Rate * | 1 | 0 | 31 | 18 | 2.3 |
| 1.99 | 10-year Note Yield Rate * | 0 | -1 | 25 | 17 | 1.58 |
| 0.14 | 1-year Note Yield Rate * | -1 | -1 | -1 | -4 | 0.13 |
| 0.07 | 3-month Note Yield Rate * | 0 | 0 | -1 | -3 | 0.01 |
| 1.07% | 11th District Cost of Funds | 0 | 0 | -100 | -108 | 0.0107 |
| 2.720 | Difference 3-mo & 20 yr ** | 1 | 0 | 32 | 21 | 2.2 |
| 1.680 | Difference 10yr Note 30yr Loan | 4 | 4 | -2 | -6 | 1.573746 |
| * Treasury Yields - DAILY | ||||||
| ** Pos change - economy to improve soon (probit model) | ||||||
Mortgage Rate Chart:
| Best Syndication News Mortgage Survey | ||||||
| Friday | 1 Day | 5 Day | 30 Day | 100-Day | 100-Day | |
| 02/08/13 | National Average APR* | Point Ch. | Point Ch. | Point Ch. | Point Ch. | Low |
| 3.670% | Average 30 yr fixed | 4 | 3 | 23 | 11 | 3.31% |
| 4.197% | Average 30 yr FHA | 7 | 7 | 27 | 20 | 3.81% |
| 3.861% | Average 30-yr VA | 4 | 0 | 16 | 3 | 3.60% |
| 3.000% | Average 15 year FRM | 1 | -1 | 6 | -12 | 2.92% |
| 2.982% | Average 5/1 ARM | 0 | -1 | -8 | -13 | 2.95% |
| 4.055% | 30 Yr Fixed Jumbo | 3 | 2 | 14 | -9 | 3.78% |
| 3.217% | 15 Yr Fixed Jumbo | 0 | -1 | 13 | 7 | 2.97% |
| 02/08/13 | HSBC | 1 Day | 5 Day | 30 Day | 100-Day | 100-Day |
| 3.09% | 15 Year Purchase | 0 | 0 | 0 | 0 | 2.97% |
| 3.35% | 15 Year Refinance | 0 | 0 | 0 | 0 | 3.22% |
| 3.88% | 30 Year Purchase | 13 | 13 | 25 | 0 | 3.50% |
| 4.13% | 30 Year Refinance | 13 | 13 | 25 | 0 | 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% |
| 3.75% | 30 Year CommunityWorks | 13 | 13 | 38 | 38 | 3.12% |
| 3.33% | 3/1 YR LIBOR ARM | 0 | 0 | 0 | -7 | 3.33% |
| 3.34% | 5/1 YR LIBOR ARM | 0 | 0 | 0 | -4 | 3.34% |
| 02/08/13 | Wells Fargo | 1 Day | 5 Day | 30 Day | 100-Day | 100-Day |
| 3.93% | 30-Year Fixed | 13 | 13 | 25 | 13 | 3.42% |
| 4.69% | 30-Year Fixed FHA | 0 | 14 | 41 | 41 | 4.14% |
| 3.18% | 15-Year Fixed | 0 | 0 | 25 | 0 | 2.80% |
| 2.95% | 5-Year ARM | 0 | 0 | -4 | -12 | 2.91% |
| 2.90% | 5-Year ARM FHA | 0 | 0 | 0 | -10 | 2.90% |
| Certain areas | ||||||
| 3.88% | 30-Year Fixed | 0 | 0 | 13 | 0 | 3.63% |
| 4.78% | 30-Year Fixed FHA | 0 | 0 | 55 | 28 | 4.22% |
| 2.99% | 5-Year ARM | 0 | 0 | -4 | -12 | 2.95% |
| Jumbo Loans | ||||||
| 4.26% | 30-Year Fixed | 13 | 13 | 38 | 0 | 3.63% |
| 2.95% | 5-Year ARM | 0 | -4 | -17 | -21 | 2.95% |
| 02/08/13 | Citi Financial | 1 Day | 5 Day | 30 Day | 100-Day | 100-Low |
| 3.69% | 30 Year Fixed | 1 | 0 | 23 | 12 | 3.32% |
| 3.08% | 15 Year Fixed | 2 | 0 | 17 | 4 | 2.81% |
| 02/08/13 | U.S. Bank | 1 Day | 5 Day | 30 Day | 100-Day | 100-Low |
| 3.81% | 30-Year Fixed | 9 | 0 | 38 | 9 | 3.34% |
| 3.80% | 20-Year Fixed | 4 | 1 | 37 | 16 | 3.39% |
| 3.02% | 15-Year Fixed | 0 | -5 | 29 | -18 | 2.71% |
| 3.05% | 10-Year Fixed | 0 | -5 | 21 | -15 | 2.82% |
| 4.18% | FHA 30-Year | 13 | 0 | 39 | 26 | 3.71% |
| 3.43% | FHA 15-Year | 0 | 0 | 0 | 0 | 3.29% |
| 4.08% | VA 30-Year | 0 | 0 | 26 | 13 | 3.70% |
| 3.58% | VA 15-Year | 0 | 0 | 25 | -13 | 3.32% |
| 3.41% | 3-Year ARM | -3 | -3 | -10 | -39 | 3.41% |
| 3.29% | 5-Year ARM | 0 | 0 | -4 | -25 | 3.24% |
| 3.73% | Jumbo 30-Year | 0 | 0 | 13 | -13 | 3.47% |
| 3.02% | Jumbo 15-Year | 0 | 0 | 13 | 13 | 2.64% |
| 02/08/13 | Sun Trust Bank | 1 Day | 5 Day | 30 Day | 100-Day | 100-Low |
| 3.73% | 30 Yr Fixed Conventional | 8 | 8 | 25 | 2 | 3.43% |
| 3.01% | 15 Yr Fixed Conventional | 3 | 5 | 13 | -69 | 2.79% |
| 4.10% | 30 Yr Jumbo Fixed | 0 | 0 | 1 | -20 | 3.53% |
| 2.90% | Agency 5/1 ARM 30 Yr | 0 | -1 | -5 | -13 | 2.42% |
| 2.93% | Agency 7/1 ARM 30 Yr | 0 | -1 | -2 | -10 | 2.87% |
| 4.62% | 30 Yr FHA - Fixed | 13 | 13 | 33 | 35 | 4.05% |
| 02/08/13 | PNC - National City Bank | 1 Day | 5 Day | 30 Day | 100-Day | 100-Low |
| 2.97% | 10 Year Fixed | 0 | -3 | 18 | 18 | 2.44% |
| 3.02% | 15 Year Fixed | 0 | 0 | 14 | 7 | 2.48% |
| 3.88% | 20 Year Fixed | 1 | -8 | 28 | 39 | 3.14% |
| 4.09% | 30 Year Fixed | 7 | 7 | 37 | 35 | 3.33% |
| Certain Areas | ||||||
| 3.16% | 10 Year Fixed | 0 | -3 | 32 | 32 | 2.44% |
| 3.30% | 15 Year Fixed | 0 | 0 | 27 | 7 | 2.49% |
| 4.05% | 20 Year Fixed | 8 | -4 | 21 | 33 | 3.15% |
| 4.52% | 30 Year Fixed | 39 | 2 | 53 | 53 | 3.35% |
| 02/08/13 | Chase | 1 Day Pt | 5 Day Pt | 30 Day | 100-Day | 100-Low |
| 3.71% | 30-Year Fixed Rate | 0 | -1 | 22 | 9 | 3.32% |
| 3.62% | 20-Year Fixed Rate | 0 | -1 | 25 | 11 | 3.23% |
| 3.13% | 15-Year Fixed Rate | 0 | 0 | 14 | 9 | 2.79% |
| 3.01% | 7/1 ARM | -1 | -2 | -8 | -8 | 2.92% |
| 2.94% | 5/1 ARM | 0 | -3 | -13 | -12 | 2.89% |
| 02/08/13 | Key Bank | 1 Day Pt | 5 Day Pt | 30 Day | 100-Day | 100-Low |
| 3.80% | 30-yr Fixed Rate | 2 | 2 | 26 | 5 | 3.45% |
| 3.13% | 15-yr Fixed Rate | 3 | 4 | 23 | 4 | 2.87% |
| Adjustable Rate Mortgage | ||||||
| 3.05% | 10/1 ARM | -2 | -3 | -10 | -14 | 3.05% |
| 2.96% | 7/1 ARM | -2 | -2 | -10 | -9 | 2.91% |
| 2.92% | 5/1 ARM | -2 | -2 | -12 | -14 | 2.91% |
| 3.48% | 3/1 ARM | 0 | 0 | -10 | -9 | 3.43% |
| FHA Loans | ||||||
| 3.70% | 30-yr FHA | 11 | 11 | 23 | 9 | 3.34% |
| 3.76% | 20-yr FHA | 3 | 2 | 22 | 6 | 3.39% |
| 3.26% | 15-yr FHA | 7 | 1 | -15 | -26 | 3.19% |
| VA Loans | ||||||
| 3.71% | 30-yr VA | 12 | 1 | 24 | 10 | 3.34% |
| 3.72% | 25-yr VA | 11 | 2 | 23 | 10 | 3.35% |
| 3.77% | 20-yr VA | 3 | 2 | 23 | 8 | 3.39% |
| 3.38% | 15-yr VA | 4 | 1 | -3 | -14 | 3.32% |
| 02/08/13 | Bank of America | 1 Day Pt | 5 Day Pt | 30 Day | 100-Day | 100-Low |
| 3.75% | 30-Year Fixed Rate | 1 | 0 | 22 | 11 | 3.37% |
| 3.07% | 15-Year Fixed-Rate | 4 | -3 | 20 | 2 | 2.81% |
| 2.96% | 5/1 ARM Rate | -1 | -5 | -5 | -12 | 2.96% |
| Certain Areas | ||||||
| 3.42% | 30-Year Fixed Rate | 0 | 0 | 0 | -22 | 3.40% |
| 2.88% | 15-Year Fixed Rate | 0 | 0 | 0 | -19 | 2.83% |
| 3.01% | 7/1 ARM | 0 | 0 | 0 | -3 | 3.01% |
| 3.06% | 5/1 ARM | 0 | 0 | 0 | -1 | 3.04% |
| * Average includes more banks than listed | ||||||
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