Current Mortgage Rates Today – Chase Raises Interest Rates while SunTrust lowers them

30-year VA loan rate chart

(Best Syndication News) The secondary lending market was split today as mortgage interest rates advanced slightly (see the mortgage rate chart below). JPMorgan Chase raised their loan rates while SunTrust lowered them.

Benchmarks

Stock prices slipped Wednesday as nervous investors prepared for the Greek elections this weekend. The New Democracy Party is proposing continued cooperation with the European Union (EU) and the International Monetary Fund (IMF) to ensure future bailouts, while the Syriza Party is fighting austerity measures.

The vote will likely determine the position of the Greek people – should the Hellenic Republic stay in the euro-zone? The liberal Syriza group claims that austerity has adversely affected the economy.

The Dow Jones Industrial Average (DJIA) was higher throughout much of the day but began to decline after 2 pm. The blue chip stocks were down 0.62 percent (see the stock chart below). The S&P 500 and NASDAQ experienced similar losses.

Money flowed from equities into U.S. government Treasuries. The flight to safety pushed bond and note prices higher driving down the yields. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), slipped six basis points (bps) to 1.61 percent (see the benchmark chart below).

Secondary lenders went in different directions. The Federal Home Loan Mortgage Corp (OTC:FMCC aka: Freddie Mac) lowered the 30-year 60-day required net yield (RNY) rate three bps to 3.01 percent. Meanwhile, the Federal National Mortgage Association (OTC:FNMA aka: Fannie Mae) raised their RNY rate five bps to 3.228 percent.

The London InterBank Offered Rate (LIBOR), a common index for adjustable rate mortgages (ARMS), was mostly unchanged. The 1-year LIBOR was unchanged, however the 6-month LIBOR advanced to 0.7379 percent.

The Department of Commerce said that retail sales fell 0.2 percent in May from April (MoM). Sales from March to May were up 5.7 percent.

The Mortgage Bankers Association (MBA) reported that loan volume climbed 18 percent last week. Historic low interest rates are driving refinancing. Even the MBA purchase index climbed 13 percent. The refinance index advanced 19 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage climbed one basis point to 3.746 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the average 30-year mortgage rate expanded seven bps to 2.136 percent.

The average FHA loan rate slipped slightly while the average VA loan rate advanced.

JPMorgan Chase & Co. (NYSE:JPM) raised their conventional 30-year rate two bps to 3.86 percent.

SunTrust Banks, Inc. (NYSE:STI) lowered their rate six bps to 4.03 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage fell one point to 3.255 percent.

JPM raised their 20-year loan rate three bps and their 15-year rate two bps. STI didn’t change these rates.

The average 5-year adjustable rate mortgage (ARM) advanced less than one point to 3.175 percent.

Jumbo Loans

The average 30-year jumbo mortgage rate was unchanged, however the 15-year jumbo rate fell four bps to 3.342 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
06/13/12 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.92 Bond Buyer's 20-yr bond index 0 15 2 32 3.6
2.96 FHLMC 30 yr 30 days RNY -3 0 -36 -47 2.91
3.01 FHLMC 30 yr 60 days RNY -3 0 -35 -54 2.96
3.189 FNMA 30 yr 30 days RNY 4 0 -21 -24 3.084
3.228 FNMA 30 yr 60 days RNY 5 0 -23 -31 3.124
0.24175 1 Month LIBOR Rate 0 0 0 -3 0.23875
0.46785 3 Month LIBOR Rate 0 0 0 -9 0.46565
0.7379 6 Month LIBOR Rate 0 0 1 -5 0.7274
1.0707 1 Year LIBOR Rate 0 0 2 -4 1.0472
2 Call Money 0 0 0 0 2
2.3 20-year Bond Yield Rate * -7 -5 -42 -52 2.13
1.61 10-year Note Yield Rate * -6 -5 -35 -47 1.47
0.18 1-Year Note Yield Rate (CMT) * -1 0 0 6 0.12
0.1 3 Month Bill Yield Rate * 0 1 2 6 0.04
1.14 11th District Cost of Funds 0 0 -2 -6 1.14
2.200 Difference 3-mo & 20 yr ** -7 -6 -44 -58 2.06
2.136 Difference 10yr Note 30yr Loan 7 6 25 20 1.673
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
06/13/12 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.746% Average 30 yr fixed 1 1 -10 -27 3.62%
4.384% Average 30 yr FHA 0 -1 -11 -17 4.30%
3.909% Average 30-yr VA 0 -1 -13 -33 3.88%
3.255% Average 15 year FRM -1 -2 -6 -26 3.18%
3.175% Average 5/1 ARM 0 2 2 -1 3.11%
4.225% 30 Yr Fixed Jumbo 0 -2 -15 -18 4.14%
3.342% 15 Yr Fixed Jumbo -4 -4 -6 -33 3.29%
06/13/12 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-Low
4.03% 30 Yr Fixed Conventional -6 -6 -7 2 4.00%
3.68% 15 Yr Fixed Conventional 0 -2 5 28 3.40%
4.37% 30 Yr Jumbo Fixed 0 -10 -37 -11 4.36%
3.34% Agency 5/1 ARM 30 Yr 0 9 21 90 2.44%
3.37% Agency 7/1 ARM 30 Yr 0 5 13 77 2.25%
4.66% 30 Yr FHA - Fixed -1 -3 -13 2 4.63%
06/13/12 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 100-Low
3.86% 30-Year Fixed Rate 2 -8 -15 -46 3.69%
3.65% 20-Year Fixed Rate 3 -7 -21 -47 3.49%
3.28% 15-Year Fixed Rate 2 0 -13 -25 3.06%
3.21% 7/1 ARM 4 -1 0 -12 3.15%
3.22% 5/1 ARM 3 0 7 0 3.11%
* Average includes more banks than listed

World Stock Markets:

Wednesday World Stock Indexes 1 Day 1 Day 1 Week 30-Day 100-Day
6/13/2012 N. & S. AMERICA Pt Change % Change % Change % Change % Change
12,496.38 Dow Jones Industrial -77.42 -0.62% 0.66% -5.38% -1.87%
1,314.88 S&P 500 -9.30 -0.70% -0.02% -5.51% -0.27%
2,818.61 NASDAQ Composite -24.46 -0.86% -0.92% -6.80% 0.48%
11,497.87 S&P TSX Canada 0.57 0.00% -1.17% -4.30% -7.75%
55,650.51 Brazil Bovespa Stock 601.48 1.09% 2.76% -10.39% -11.60%
37,142.15 IPC MXX - Mexico -128.85 -0.35% -0.36% -6.16% -0.26%
2,151.14 MerVal Buenos Aires -27.12 -1.25% -3.17% -2.01% -26.04%
752.38 Russell 2000 Sm-Cap -9.15 -1.20% -1.67% -6.72% -5.11%
774.23 Russell 3000 98% Mkt -6.26 -0.80% -0.37% -5.91% -1.01%
EUROPE
5,483.81 FTSE 100 England 10.07 0.18% 1.85% -4.90% -5.37%
3,030.04 CAC 40 France -16.87 -0.55% -0.93% -6.00% -9.91%
6,152.49 DAX Germany -8.75 -0.14% 0.96% -8.10% -5.92%
499.56 Athens Greece Comp. 10.21 2.09% 4.64% -27.32% -28.98%
670.99 IGBM Madrid Spain 8.49 1.28% 2.84% -2.96% -22.09%
5,944.69 SSMI - Swiss Market 24.81 0.42% 2.10% -2.51% -3.10%
13,861.38 FTSE Italia All (Italy) -88.68 -0.64% -3.53% -8.70% -18.63%
ASIA & PACIFIC
2,318.92 Shanghai China 29.13 1.27% 0.41% -4.97% -0.04%
8,587.84 Nikkei 225 Japan 51.12 0.60% 0.64% -8.45% -2.96%
19,026.52 Hang Seng Hong Kong 153.96 0.82% 2.73% -10.46% -6.91%
7,088.83 TSEC Taiwan Exchange 16.75 0.24% 0.46% -7.45% -2.00%
4,063.80 S&P ASX 200 Australia -9.10 -0.22% 0.21% -8.25% -5.42%
16,880.51 BSE Sensex Bombay 17.71 0.11% 2.59% -1.58% -1.15%
5,121.45 CNX NIFTY NSE India 5.55 0.11% 2.49% -1.29% -0.71%
1,859.32 Korea Com KOSPI 4.58 0.25% 3.19% -6.81% -5.00%
2786.88 STI Singapore -10.20 -0.36% 0.94% -7.13% -3.72%

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