Current Mortgage Rates Today – Wells Fargo and U.S. Bank Lower Rates

Graph of 30-year FHA loan

(Best Syndication News) Nearly all U.S. banks lowered their mortgage interest rates today in response to changes in the secondary lending market (see mortgage rate charts below). U.S. Bank and Wells Fargo were among the banks making changes.

Benchmarks

Although stocks were in positive territory part of the day, the three major indexes sank by the end of Thursday’s session. May was the worst month for equities since 2010 as the S&P fell more than six percent.

Slow growth in the United States and China, along with European sovereign debt worries, put downward pressure on equities and commodities. As the euro slipped, so did gold. The precious metal for August delivery slipped $1.50 (-0.10%) to $1,564 an ounce on the COMEX (see survey #2 chart below).

The U.S. Department of Commerce said that the growth in the gross domestic product (GDP) slowed to 1.9% in the first quarter. This news contributed to the drop in light sweet crude oil prices, down $1.29 (-1.47%) to $86.53 a barrel.

The flight to safety put pressure on U.S. government bond and note yields. As money continued to flow into the safe-havens, prices rose driving down yields. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage, fell four basis points (bps) to 1.59 percent (see the benchmark chart below).

Secondary lenders, including the Federal National Mortgage Association (OTC:FNMA) and the Federal Home Loan Mortgage Corp (OTC:FMCC), were able to lower their required net yield (RNY) rates. The 30-year 60-day FNMA RNY rate fell eight basis points and the FMCC RNY rate fell 12 bps.

The Federal Home Loan Bank of San Francisco lowered their April 2012 Cost of Funds Index (COFI) two bps to 1.14 percent.

The London InterBank Offered Rate (LIBOR) was unchanged.

30-Year Fixed Rate Mortgages

The average 30-year fixed mortgage rate fell five bps to 3.696 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the average 30-year fixed rate mortgage tightened to just 2.106 percent.

The average FHA mortgage rate slipped four bps to 4.398 percent and the average VA loan rate slipped to 3.935 percent.

Wells Fargo & Company (NYSE:WFC) lowered their conventional 30-year rate 13 bps to 3.80 percent.

U.S. Bancorp (NYSE:USB) lowered their 30-year rate 12 bps to 3.70 percent. The lender also lowered FHA rate 13 bps but held their VA loan rates unchanged.

15-Year FRM and 5/1 ARM

The average 15-year loan rate fell two bps to 3.218 percent.

USB lowered their 20-year loan rate 19 bps and their 15-year mortgage rate five bps.

The average 5-year adjustable rate mortgage (ARM) fell six bps to 3.137 percent.

Jumbo Loans

The average 30-year jumbo mortgage rate fell three bps to 4.214 percent. USB lowered their 15-year jumbo loan rate 13 bps to 3.15 percent. See the charts below for more details.

By: John Waters
Business Reporter

Benchmark Chart:

Thursday 1 Day 5 Day 30 Day 100-Day 100-Day
5/31/2012 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.81 Bond Buyer's 20-yr bond index 0 6 -16 -2 3.6
3.08 FHLMC 30 yr 30 days RNY -12 -18 -27 -30 3.08
3.12 FHLMC 30 yr 60 days RNY -12 -18 -26 -40 3.12
3.201 FNMA 30 yr 30 days RNY -8 -5 -27 -16 3.201
3.238 FNMA 30 yr 60 days RNY -8 -5 -28 -25 3.238
0.23875 1 Month LIBOR Rate 0 0 0 -6 0.23875
0.46685 3 Month LIBOR Rate 0 0 0 -11 0.46565
0.7364 6 Month LIBOR Rate 0 0 1 -7 0.7274
1.0692 1 Year LIBOR Rate 0 0 2 -6 1.0472
2 Call Money 0 0 0 0 2
2.27 20-year Bond Yield Rate * -5 -19 -47 -44 2.27
1.59 10-year Note Yield Rate * -4 -18 -39 -41 1.59
0.18 1-Year Note Yield Rate (CMT) * -1 -3 1 7 0.1
0.07 3 Month Bill Yield Rate * 0 -3 0 5 0.02
1.14 11th District Cost of Funds -2 -2 -7 -6 1.14
2.200 Difference 3-mo & 20 yr ** -5 -16 -47 -49 2.2
2.106 Difference 10yr Note 30yr Loan -1 8 20 25 1.673
* 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
05/31/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.696% Average 30 yr fixed -5 -10 -19 -16 3.70%
4.398% Average 30 yr FHA -4 -2 -14 -13 4.40%
3.935% Average 30-yr VA -1 -1 -13 -24 3.93%
3.218% Average 15 year FRM -2 -9 -18 -17 3.22%
3.137% Average 5/1 ARM -6 -5 -3 -4 3.11%
4.214% 30 Yr Fixed Jumbo -3 -9 -15 -18 4.21%
3.309% 15 Yr Fixed Jumbo -4 -9 -17 -34 3.31%
05/31/12 Wells Fargo 1 Day 5 Day 30 Day 100-Day 100-Day
3.80% 30-Year Fixed -13 -13 -25 -26 3.80%
4.83% 30-Year Fixed FHA 0 0 0 12 4.71%
3.18% 15-Year Fixed 0 -13 -13 -26 3.18%
3.15% 5-Year ARM 0 0 8 0 3.07%
3.19% 5-Year ARM FHA 0 0 8 19 3.00%
Certain areas
4.00% 30-Year Fixed 0 0 -13 0 4.00%
4.78% 30-Year Fixed FHA 0 0 0 12 4.65%
3.20% 5-Year ARM 0 0 8 4 3.11%
Jumbo Loans
4.26% 30-Year Fixed 0 0 -13 0 4.26%
3.24% 5-Year ARM 0 0 8 4 3.11%
05/31/12 U.S. Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.70% 30-Year Fixed -12 -13 -23 -21 3.69%
3.65% 20-Year Fixed -19 -10 -16 -28 3.63%
3.13% 15-Year Fixed -5 -9 -9 -5 3.09%
3.11% 10-Year Fixed 0 -3 -3 -16 3.11%
4.05% FHA 30-Year -13 0 -26 -26 4.05%
3.43% FHA 15-Year 0 0 0 -26 3.43%
4.08% VA 30-Year 0 0 -13 -13 4.08%
3.58% VA 15-Year 0 0 -13 -25 3.58%
3.67% 3-Year ARM 0 0 10 0 3.58%
3.48% 5-Year ARM 0 0 8 0 3.40%
3.85% Jumbo 30-Year 0 0 -13 -37 3.85%
3.15% Jumbo 15-Year -13 -13 -25 -49 3.15%
* Average includes more banks than listed

Survey #2 Settle Price Chart:

Thursday Survey # 2 (BSNCOM2) One-Day One-Day 1 Week 30-Day 100-Day
5/31/2012 Energy and Metal Settle $ Change % Change % Change % Change % Change
2013.00 Aluminum 3-mo LME 16.50 0.83% -1.23% -2.66% -1.03%
101.77 Brent crude (not settled) -1.29 -1.25% -5.72% -13.73% -9.24%
55.75 Coal -0.38 -0.68% 1.03% -1.64% -19.98%
3.37 Copper HG -0.02 -0.72% -3.48% -7.31% -4.62%
86.53 Crude oil (WTI) -1.29 -1.47% -5.79% -15.72% -15.96%
2.02 Ethanol ZE CBOT -0.01 -0.39% -5.61% -4.72% -9.82%
1564.20 Gold GC -1.50 -0.10% -0.79% -4.60% -2.27%
2.70 Heating Oil (HO) -0.04 -1.48% -5.66% -13.31% -11.03%
2.42 Natural gas NG HH 0.00 0.17% -10.53% 24.14% -19.08%
612.1 Palladium PA 7.40 1.22% -0.56% -6.76% -7.67%
1417.60 Platinum PL 16.40 1.17% -2.80% -10.01% -0.76%
2.72 RB RBOB Gasoline -0.05 -1.85% -4.77% -14.99% -0.94%
27.76 Silver SI -0.23 -0.81% -1.50% -11.85% -6.14%
640.00 Steel Hot-Roll Coil 0.00 0.00% -3.76% -6.84% -11.72%
51 UxC Uranium U3O8 -0.75 -1.45% -1.16% >
-0.20% -2.39%
5/31/2012 Averages and Ratios Change One-Day 1 Week 30-Day 100-Day
326.4 Average All 1.30 0.40% -2.02% -7.35% -4.75%
612.7 Metals Average 3.55 0.58% -1.55% -7.12% -2.68%
36.3 Energy Average -0.44 -1.19% -4.38% -11.75% -14.15%
56.4 Ratio Gold/Silver Prices 0.40 0.72% 0.72% 8.22% 4.12%
-146.6 Difference Plat-Gold 17.90 -10.88% 24.03% 127.99% -14.77%
1.10 Ratio Plat/Gold -0.01 -1.25% 2.07% 6.01% -1.52%
1.2 Ratio Brent / WTI Prices 0.00 0.22% 0.08% 2.36% 7.99%
$15.24 Difference Brent - CL 0.00 0.00% -5.28% -0.39% 66.19%

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