Current Mortgage Rates Today – Wells Fargo and Bank of America Make Changes

Graph of 10-year Notes

(Best Syndication News) Mortgage rates edged higher today as lenders continue to adjust their products to the changing secondary lending market (see charts below). stocks were mixed as the Dow Jones Industrial Average (DJIA) moved lower and the S&P 500 and NASDAQ gained ground.

The average 30-year fixed rate mortgage (FRM) jumped 11 basis points (bps) in one day. The average 30-year rate is now 4.264 percent (see the chart below). The most common mortgage product has climbed 60 bps over the last 100 days.

Freddie Mac (FHLMC) has not updated their 30-year required net yield rate (RNY) for over one week, but this secondary lending factor has been steadily increasing as well. Fannie Mae (FNMA) raised their 30-year 60-year RNY rate one basis point on Tuesday.

The 20-year Bond-Buyers index has also been advancing. Although the 3-month London InterBank Offered Rate (LIBOR) dropped Tuesday, the 1-month, 6-month, and 1-year LIBOR all climbed.

The 10-year note yield, the most watched secondary lending factor has been steadily advancing. The 10-year note yield hit 2.63 percent, according to data provided by the U.S. Treasury Department.

Jumbo loans, 15-year term loans, and adjustable rate mortgages (ARM) were up across the board.

Wells Fargo & Co (NYSE:WFC) raised their conventional rate to 4.67 percent. Their fixed FHA rate hit 5.57 percent (see the chart below).

Bank of America Corp (NYSE:BAC) also raised their conventional 30-year fixed mortgage rate to 4.47 percent.

By: John Waters
Business Reporter

 

Mortgage Rate Charts:

 







 
Best Syndication News Mortgage Survey

 


 


 


 
Tuesday

 
1 Day 30 Day 100-Day 100-Day 100-Day 
07/30/13 National
Average APR*
Point Ch. Point Ch. Point Ch. High Low
4.264% Average 30 yr fixed 11 65 59 4.26% 3.45%
4.834% Average 30 yr FHA 8 66 70 4.83% 3.69%
4.255% Average 30-yr VA 4 42 42 4.26% 3.56%
3.456% Average 15 year FRM 16 49 46 3.46% 2.80%
3.149% Average 5/1 ARM 5 25 21 3.16% 2.88%
4.474% 30 Yr Fixed Jumbo 15 63 47 4.47% 3.72%
3.692% 15 Yr Fixed Jumbo 3 48 40 3.69% 2.94%

Wells Fargo:

 



07/30/13
Wells Fargo

4.67%
30-Year Fixed

5.57%
30-Year Fixed FHA

3.80%
15-Year Fixed

3.16%
5-Year ARM

3.52%
5-Year ARM FHA



 
Certain areas

4.76%
30-Year Fixed

5.66%
30-Year Fixed FHA

3.21%
5-Year ARM



 
Jumbo Loans

4.49%
30-Year Fixed

2.94%
5-Year ARM



 

Bank of America:

 



07/30/13 Bank
of America

4.74%
30-Year Fixed Rate

3.97%
15-Year Fixed-Rate

3.46%
5/1 ARM Rate



 

Benchmark Chart:



 





Tuesday

 
1 Day 5 Day 30 Day 100-Day 100-Day 
07/30/13 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
4.77 Bond Buyer's 20-yr bond
index
25 25 61 103 3.61
3.05% FHLMC 30 yr 30 days RNY 0 0 0 0 0.0305
3.08 FHLMC 30 yr 60 days RNY 0 0 0 0 3.08
3.955 FNMA 30 yr 30 days RNY  1 1 41 82 2.914
3.996 FNMA 30 yr 60 days RNY 1 1 40 83 2.941
0.18723 1 Month LIBOR Rate 0 0 0 -1 0.122
0.265 3 Month LIBOR Rate 0 0 -1 -2 0.21
0.397 6 Month LIBOR Rate 0 0 -1 -5 0.32
0.67319 1 Year LIBOR Rate 0 0 1 -6 0.503
2 Call Money 0 0 0 0 2
3.36 20-year Note Yield Rate * 1 2 27 54 2.44
2.63 10-year
Note Yield Rate *
2 2 30 63 1.66
0.11 1-year Note Yield Rate * 0 -1 -2 -4 0.1
0.04 3-month Note Yield Rate * 1 1 -1 -6 0.02
0.95% 11th District Cost of Funds 0 0 0 0 0.00951
3.320 Difference 3-mo & 20 yr ** 0 1 28 60 2.38
1.634 Difference 10yr Note 30yr
Loan
33 24 35 -4 0.879408


*
Treasury Yields - DAILY  

** Pos change - economy to improve soon (probit
model)

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