Current Mortgage Rates Today – JPMorgan Chase and U.S. Bank among the lenders lowering rates

Chart: 15-year FRM

(Best Syndication News) Mortgage interest rates inched higher today as pressure on stock prices eased (see the mortgage rate charts below). SunTrust and KeyBank raised their conventional loan rates while U.S. Bank and Chase lowered them.

Benchmarks

Markets opened higher and remained just slightly above par throughout most of the session. It was the first positive day all week. Investors were happy to see Alcoa Inc. (NYSE:AA) post better-than-expected quarterly results early in the earnings season.

The positive fourth quarter report prompted some optimism in equities. An announcement by The Boeing Company (NYSE:BA) helped provide the impetus to reverse a negative trend in the airline manufacture. BA jumped more than three percent during the trading day but slipped 0.13 percent in the after-hours.

The Dow Jones Industrial Average (DJIA) index added 61 points by the closing bell. The broader S&P 500 and the tech-heavy NASDAQ advanced 0.27 percent and 0.45 percent respectively.

Money still flowed into the U.S. government securities, according to the Treasury Department data. Bond and note prices increased pushing yields lower. The 10-year note yield, a common benchmark for the 30-year fixed rate mortgage (FRM), fell one basis point to 1.88 percent (see the benchmark chart below).

Secondary lenders were mixed. The Federal Home Loan Mortgage Corp (OTC:FMCC) didn’t change their required net yield (RNY) rates; however, the Federal National Mortgage Association (OTC:FNMA) lowered their 30-year 30-day RNY rate to 2.948 percent.

The London InterBank Offered Rate (LIBOR) was mostly lower. The 6-month LIBOR fell to 0.5 percent and the 1-year LIBOR sank to 0.834 percent.

The Mortgage Bankers Association (MBA) said that loan volume increased last week. Volume increased 11.7 percent overall; on a seasonally unadjusted basis their index spiked 49 percent compared to the previous week. Seasonally adjusted, their refinance index climbed 12 percent and their purchase index jumped 10 percent.

30-Year Fixed Mortgage Rates

The average 30-year fixed mortgage rate advanced less than one point to 3.523 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage expanded one point to 1.643 percent.

The average FHA mortgage rate fell to 3.940 percent and the average VA rate fell five basis points (bps) to 3.742 percent.

U.S. Bancorp (NYSE:USB) lowered their conventional rate one basis point to 3.56 percent. Their VA loan rate slipped 13 bps to 3.95 percent.

JPMorgan Chase & Co. (NYSE:JPM) lowered their 30-year rate three bps to 3.56 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed rate mortgage slipped one basis point to 2.964 percent.

JPM held their 15-year rate unchanged but lowered their 20-year mortgage-loan rate 10 bps to 3.38 percent.

USB lowered their 15-year mortgage two bps to 2.75 percent.

The average 5-year adjustable rate mortgage (ARM) fell slightly to 3.068 percent.

Jumbo Loan Rates

Jumbo mortgage rates were a little lower. USB didn’t change their jumbo rates; however, SunTrust did lower their rate. The average 30-year jumbo mortgage rate fell to 3.933 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
01/09/13 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 0 10 31 -7 3.27
2.86 FHLMC 30 yr 30 days RNY 0 -4 22 -8 1.59
2.9 FHLMC 30 yr 60 days RNY 0 -4 22 -8 1.68
2.948 FNMA 30 yr 30 days RNY 0 6 13 -19 2.635
2.975 FNMA 30 yr 60 days RNY -1 5 13 -21 2.68
0.2067 1 Month LIBOR Rate 0 0 0 -3 0.2067
0.305 3 Month LIBOR Rate 0 0 -1 -13 0.305
0.5 6 Month LIBOR Rate 0 0 -3 -22 0.5
0.834 1 Year LIBOR Rate 0 -1 -3 -21 0.834
2 Call Money 0 0 0 0 2
2.65 20-year Bond Yield Rate * -1 -5 27 10 2.29
1.88 10-year Note Yield Rate * -1 -4 24 7 1.57
0.13 1-Year Note Yield Rate * -1 -2 -5 -7 0.13
0.06 3-month Note Yield Rate * -1 -2 -4 -3 0.01
1 11th District Cost of Funds 0 0 -4 -12 1
2.590 Difference 3-mo & 20 yr ** 0 -3 31 13 2.2
1.643 Difference 10yr Note 30yr Loan 1 7 -13 -37 1.573746
* 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
01/09/13 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.523% Average 30 yr fixed 0 3 11 -30 3.31%
3.940% Average 30 yr FHA 0 -4 3 -36 3.81%
3.742% Average 30-yr VA -5 -5 8 -24 3.60%
2.964% Average 15 year FRM -1 0 3 -24 2.92%
3.068% Average 5/1 ARM 0 0 0 -9 3.04%
3.933% 30 Yr Fixed Jumbo 0 -1 11 -34 3.78%
3.130% 15 Yr Fixed Jumbo 0 0 10 -18 2.97%
01/09/13 U.S. Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.56% 30-Year Fixed -1 -2 12 -30 3.34%
3.56% 20-Year Fixed -3 -4 4 -20 3.39%
2.75% 15-Year Fixed -2 -7 -2 -49 2.71%
2.89% 10-Year Fixed -3 -5 -3 -35 2.82%
3.92% FHA 30-Year 0 0 13 -31 3.71%
3.29% FHA 15-Year 0 -15 -15 -41 3.29%
3.95% VA 30-Year -13 -13 13 -26 3.70%
3.32% VA 15-Year 0 -13 0 -51 3.32%
3.51% 3-Year ARM 0 0 -6 -18 3.48%
3.32% 5-Year ARM 0 0 -4 -12 3.28%
3.60% Jumbo 30-Year 0 0 13 -38 3.47%
2.89% Jumbo 15-Year 0 0 13 -25 2.64%
01/09/13 Chase 1 Day Pt 5 Day Pt 30 Day 100-Day 100-Low
3.56% 30-Year Fixed Rate -3 -3 13 -41 3.32%
3.38% 20-Year Fixed Rate -10 -10 11 -35 3.23%
3.01% 15-Year Fixed Rate 0 -2 13 -14 2.79%
3.09% 7/1 ARM -4 0 2 -11 2.98%
3.07% 5/1 ARM -3 0 0 -12 2.98%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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