Current Mortgage Rates – VA and FHA Loan Rates Increase

Graph of 10-year Notes

(Best Syndication News) Conventional mortgage rates slumped today after Freddie Mac made drastic changes in their required net yield (RNY) rates (see the mortgage rate charts below). The London InterBank Offered Rate (LIBOR) dropped while the 10-year note yield jumped four basis points (bps).

Although the average mortgage rate fell this week, the monthly and 100-day trend has been much higher. Higher home prices and a faster pace in home sales is producing a seller’s market in the United States. This could change if interest rates continue to rise – however the Federal Reserve has not signaled any changed in their targets.

Over the last 100-days the conventional rate increased 51 bps. Today the rate dropped just one basis point. FHA and VA loan rates increased less than one point. The 30-year jumbo mortgage increased slightly but the 15-year jumbo mortgage rate fell two points.

The average adjustable rate mortgage (5/1 ARM) dropped three bps.

Last week the Mortgage Bankers Association (MBA) said that application volume decreased 3.7 percent from the previous week (seasonally adjusted). Their Refinance Index decreased four percent.

On a seasonally adjusted basis though, the MBA said their purchase index is five percent higher than a year ago. The association noted that mortgage rates are one percent higher than three months ago.

By: John Waters
Business Reporter

Benchmarks:

Monday 1 Day 5 Day 30 Day 100-Day 100-Day
08/05/13 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 0 0 40 91 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
3.967 FNMA 30 yr 30 days RNY -18 1 -3 73 2.914
4.015 FNMA 30 yr 60 days RNY -19 2 -6 74 2.941
0.18603 1 Month LIBOR Rate 0 0 -1 -2 0.122
0.2654 3 Month LIBOR Rate 0 0 -1 -1 0.21
0.3955 6 Month LIBOR Rate 0 0 -3 -5 0.32
0.66639 1 Year LIBOR Rate -1 -1 -3 -6 0.503
2 Call Money 0 0 0 0 2
3.42 20-year Note Yield Rate * 3 6 11 57 2.44
2.67 10-year Note Yield Rate * 4 4 7 63 1.66
0.12 1-year Note Yield Rate * 1 1 -5 -3 0.1
0.05 3-month Note Yield Rate * 1 1 -1 -4 0.02
0.95% 11th District Cost of Funds 0 0 0 0 0.00951
3.370 Difference 3-mo & 20 yr ** 2 5 12 61 2.38
1.584 Difference 10yr Note 30yr Loan -5 -5 57 -12 0.879408
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)

Mortgage Rates:

Best Syndication News Mortgage Survey
Monday 1 Day 5 Day 30 Day 100-Day 100-Day 100-Day
08/05/13 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. High Low
4.254% Average 30 yr fixed -1 -1 64 51 4.32% 3.45%
4.842% Average 30 yr FHA 0 1 67 66 4.85% 3.69%
4.250% Average 30-yr VA 0 -1 42 42 4.30% 3.56%
3.440% Average 15 year FRM 1 -2 47 41 3.48% 2.80%
3.202% Average 5/1 ARM -3 5 30 4 3.30% 2.88%
4.507% 30 Yr Fixed Jumbo 0 3 67 44 4.54% 3.72%
3.733% 15 Yr Fixed Jumbo -2 4 52 53 3.75% 2.94%

Citibank:

08/05/13 Citi Financial 1 Day 5 Day 30 Day 100-Day 100-Low
4.58% 30 Year Fixed 1 -1 77 69 3.55%
3.75% 15 Year Fixed 2 -3 60 56 2.81%

SunTrust and PNC

08/05/13 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-Low
4.61% 30 Yr Fixed Conventional -2 -3 76 76 3.49%
3.63% 15 Yr Fixed Conventional -3 -6 54 53 2.75%
4.59% 30 Yr Jumbo Fixed 7 0 79 50 3.13%
3.20% Agency 5/1 ARM 30 Yr -1 -1 35 27 2.40%
3.43% Agency 7/1 ARM 30 Yr -2 -2 56 48 2.49%
6.03% 30 Yr FHA - Fixed 2 -1 136 139 3.20%
08/05/13 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.34% 10 Year Fixed -15 -2 57 32 2.74%
3.49% 15 Year Fixed -9 -3 69 38 2.78%
4.19% 20 Year Fixed -10 3 65 19 3.49%
4.52% 30 Year Fixed -10 2 80 38 3.63%
Certain Areas
3.37% 10 Year Fixed -10 0 60 18 2.71%
3.55% 15 Year Fixed -13 0 63 16 2.89%
4.37% 20 Year Fixed -7 4 72 28 3.56%
4.68% 30 Year Fixed -4 1 83 16 3.82%

KeyBank and BofA

08/05/13 Key Bank 1 Day Pt 5 Day Pt 30 Day 100-Day 100-Low
4.68% 30-yr Fixed Rate 0 0 80 62 3.57%
3.92% 15-yr Fixed Rate 3 4 76 69 2.92%
Adjustable Rate Mortgage
3.86% 10/1 ARM 3 -2 77 65 2.97%
3.60% 7/1 ARM 0 4 71 57 2.86%
3.23% 5/1 ARM -2 -2 34 26 2.89%
3.48% 3/1 ARM 0 -2 7 -2 3.41%
FHA Loans
4.58% 30-yr FHA 0 6 84 83 3.33%
4.61% 20-yr FHA 0 -5 80 74 3.39%
4.03% 15-yr FHA -1 -2 60 61 3.17%
VA Loans
4.59% 30-yr VA 1 -2 83 83 3.32%
4.60% 25-yr VA 2 -2 83 82 3.33%
4.62% 20-yr VA 2 -5 79 76 3.38%
4.04% 15-yr VA 1 -2 55 63 3.31%
08/05/13
Bank of America
1 Day Pt 5 Day Pt 30 Day 100-Day 100-Low
4.77% 30-Year Fixed Rate 27 3 100 88 3.43%
4.01% 15-Year Fixed-Rate 38 3 83 89 2.76%
3.47% 5/1 ARM Rate -28 1 54 -170 2.89%
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