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Current Mortgage Rates Today – Loan rates rise at SunTrust but fall at JPMorgan Chase

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15-Year Mortgage Rates

(Best Syndication News) Mortgage interest rates began to rise after two-straight days of declines (see the mortgage rate charts below). Although some of the benchmarks were higher, the rise in secondary lending rates pushed loans up at U.S. Bank, SunTrust, KeyBank, and PNC; however, JPMorgan Chase lowered their rate.

Benchmarks

The Boeing Company (NYSE:BA) weighed on the Dow Jones Industrial Average today pushing the index down 23 points, however the wider market gained value. Because there are only 30 constituents in the Dow, a three percent pull-back in the value of BA had a major influence on the index.

The Dow Jones Industrial Average fell 23 points by the closing bell on lingering concerns over the Boeing 787 Dreamliner. The broader S&P 500 gained a fraction, ending the day up just 0.02 percent, while the tech-heavy NASDAQ added 0.22 percent.

Another Dow constituent, JPMorgan Chase & Co. (NYSE:JPM), applied positive pressure to the index. JPM posted better-than-expected earnings on Wednesday. An improving housing market – higher prices and sales – is helping all of the major banks.

The financial sector as a whole will likely be the best performer last quarter. On Thursday Bank of America and Citigroup will release their earnings statements.

In their Beige Book released Wednesday, the Federal Reserve said the economy continued to grow. There was either moderate or modest growth in all 12 districts as the housing market kept on improving. There was also steady but very slow job growth.

The Federal Reserve also said that Industrial Production increased 0.3 percent in December. This was better than analyst expectations but not as good as the one-percent gain in November.

The Mortgage Bankers Association (MBA) said that loan application volume increased 15.2 percent last week (seasonally adjusted). Compared to the previous week, their purchase index increased 13 percent and their refinance index increased 15 percent. Unadjusted, their purchase index increased 47 percent.

The U.S. Department of Labor said that their consumer price index (CPI) was unchanged in December. Their Core CPI – minus energy and food – advanced just 0.1 percent.

Data from the U.S. Department of Treasury indicated that money flowed into bonds and notes. Higher prices drove yields lower. The 10-year note yield fell two basis points (bps) to 1.84 percent (see the benchmark chart below).

The secondary lenders raised their required net yield (RNY) rates. The Federal Home Loan Mortgage Corp (OTC:FMCC) 30-year 60-day RNY rate advanced one point to 2.87 percent. The Federal National Mortgage Association (OTC:FNMA) raised their RNY rate one point to 2.913 percent.

The London InterBank Offered Rate (LIBOR) was mostly lower.

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) advanced one basis point to 3.481 percent (see the mortgage rate chart below). The difference between the 10-year note yield and the 30-year mortgage expanded three bps to 1.641 percent.

The average FHA and VA mortgage rates advanced only slightly.

SunTrust Banks, Inc. (NYSE:STI) raised their conventional 30-year loan rate less than one point to 3.51 percent.

JPMorgan Chase & Co. (NYSE:JPM) lowered their rate to 3.49 percent.

15-Year FRM and 5/1 ARM

The average 15-year fixed mortgage rate advanced one basis point to 2.965 percent.

STI raised their 15-year rate one point while JPM raised their rate two bps. JPM held their 20-year mortgage rates unchanged.

The average 5-year adjustable rate mortgage (ARM) fell three bps to 3.044 percent.

By: John Waters
Business Reporter

Benchmark Chart:

Wednesday 1 Day 5 Day 30 Day 100-Day 100-Day
01/16/13 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
3.6 Bond Buyer's 20-yr bond index 0 -8 31 -20 3.27
2.84 FHLMC 30 yr 30 days RNY 1 -2 18 6 1.59
2.87 FHLMC 30 yr 60 days RNY 1 -3 18 5 1.68
2.883 FNMA 30 yr 30 days RNY 1 -6 9 -12 2.635
2.913 FNMA 30 yr 60 days RNY 1 -6 9 -14 2.68
0.2057 1 Month LIBOR Rate 0 0 -1 -3 0.2057
0.303 3 Month LIBOR Rate 0 0 -1 -12 0.303
0.4875 6 Month LIBOR Rate 0 -1 -4 -22 0.4875
0.8095 1 Year LIBOR Rate 0 -1 -5 -23 0.8095
2 Call Money 0 0 0 0 2
2.61 20-year Note Yield Rate * -1 -7 25 20 2.29
1.84 10-year Note Yield Rate * -2 -7 22 16 1.57
0.14 1-Year Note Yield Rate * 0 0 -4 -5 0.13
0.08 3-month Note Yield Rate * -1 2 -2 -2 0.01
1 11th District Cost of Funds 0 0 -1 -12 1
2.530 Difference 3-mo & 20 yr ** 0 -9 27 22 2.2
1.641 Difference 10yr Note 30yr Loan 3 2 -12 -33 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
01/16/13 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
3.481% Average 30 yr fixed 1 -5 10 -17 3.31%
3.973% Average 30 yr FHA 0 -1 6 -20 3.81%
3.783% Average 30-yr VA 0 -3 10 -13 3.60%
2.965% Average 15 year FRM 1 -1 1 -13 2.92%
3.044% Average 5/1 ARM -3 -2 -2 -6 3.04%
3.922% 30 Yr Fixed Jumbo -1 -1 14 -29 3.78%
3.113% 15 Yr Fixed Jumbo -2 -2 5 -14 2.97%
01/16/13 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.51% 30 Yr Fixed Conventional 0 -2 7 -35 3.43%
2.88% 15 Yr Fixed Conventional 1 -2 -3 -31 2.79%
4.09% 30 Yr Jumbo Fixed 0 -1 8 -27 3.53%
2.87% Agency 5/1 ARM 30 Yr -8 -9 -7 -22 2.42%
2.89% Agency 7/1 ARM 30 Yr -7 -7 -3 -35 2.87%
4.39% 30 Yr FHA - Fixed 0 11 12 -21 4.05%
01/16/13 Chase 1 Day Pt 5 Day Pt 30 Day 100-Day 100-Low
3.49% 30-Year Fixed Rate 0 -8 15 -34 3.32%
3.35% 20-Year Fixed Rate 0 -3 11 -27 3.23%
3.03% 15-Year Fixed Rate 2 2 13 -4 2.79%
3.08% 7/1 ARM 0 6 1 -1 2.98%
3.06% 5/1 ARM -1 7 -2 -4 2.98%
* Average includes more banks than listed

Click here for Current Mortgage Rates Today (MORE BANKS)

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