Mortgage Rates Trend Lower After 30-Day Upswing

Graph of 10-year Notes

(Best Syndication News) Mortgage rates trended lower this week as the benchmarks used by banks shifted in the negative direction (see the mortgage rate charts below). The shift is counter to a 100-day upward movement by the major lenders.

The average 30-year fixed rate mortgage fell 11 basis points (bps) last week, however over the last 100-days the rate is still 59 basis points (bps) higher (see the mortgage rate charts below).

Fannie Mae, the Federal National Mortgage Association (OTCBB:FNMA), lowered their RNY rate three bps on Friday. The secondary lender’s 100-day trend is still much higher (see the benchmark chart below).

Another major indicator, the 10-year note yield, slipped one basis point on Friday. The weekly trend is down but the long-term trend is higher.

The London InterBank Offered Rate (LIBOR) has been shifting lower. The 6-month LIBOR dropped while the 1-year LIBOR remained unchanged.

JPMorgan Chase & Co (NYSE:JPM) held their 30-year conventional rate unchanged last week (see the mortgage rate chart below). The lender raised their rate over the last 30-days.

PNC Financial Services Group Inc (NYSE:PNC) lowered their rates across the board. Their 10 and 15-year rates were down five and seven bps respectively on Friday.

SunTrust Banks, Inc. (NYSE:STI) also lowered their interest rates. Last week the bank lowered their jumbo mortgage rate seven bps.

By: John Waters
Business Reporter

Mortgage Rates:

Best Syndication News Mortgage Survey
Friday 1 Day 5 Day 30 Day 100-Day 100-Day
08/09/13 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
4.224% Average 30 yr fixed -2 -3 61 59 3.45%
4.730% Average 30 yr FHA -3 -11 56 71 3.69%
4.174% Average 30-yr VA 0 -8 34 39 3.56%
3.416% Average 15 year FRM -2 -2 45 45 2.80%
3.200% Average 5/1 ARM 1 0 30 26 2.88%
4.418% 30 Yr Fixed Jumbo -7 -9 58 52 3.72%
3.675% 15 Yr Fixed Jumbo -5 -6 46 51 2.94%

Major Bank Chart:

08/09/13 Sun Trust Bank 1 Day 5 Day 30 Day 100-Day 100-Low
4.53% 30 Yr Fixed Conventional -1 -8 67 78 3.49%
3.59% 15 Yr Fixed Conventional -1 -4 49 56 2.75%
4.51% 30 Yr Jumbo Fixed 0 -7 71 51 3.13%
3.19% Agency 5/1 ARM 30 Yr 0 -1 34 29 2.40%
3.45% Agency 7/1 ARM 30 Yr 0 2 58 52 2.49%
5.93% 30 Yr FHA - Fixed -1 -10 127 144 3.20%
08/09/13 PNC - National City Bank 1 Day 5 Day 30 Day 100-Day 100-Low
3.31% 10 Year Fixed -5 -3 54 39 2.74%
3.45% 15 Year Fixed -7 -4 65 51 2.78%
4.15% 20 Year Fixed -4 -4 60 39 3.49%
4.49% 30 Year Fixed -3 -3 77 63 3.63%
Certain Areas
3.32% 10 Year Fixed -5 -5 55 43 2.71%
3.52% 15 Year Fixed -5 -4 59 48 2.89%
4.29% 20 Year Fixed -4 -8 64 36 3.56%
4.59% 30 Year Fixed -8 -9 74 49 3.82%
08/09/13 Chase 1 Day Pt 5 Day Pt 30 Day 100-Day 100-Low
4.50% 30-Year Fixed Rate 0 0 74 75 3.49%
4.13% 20-Year Fixed Rate -13 -13 46 45 3.30%
3.63% 15-Year Fixed Rate 0 0 49 56 2.90%
4.50% 7/1 ARM 0 0 154 153 2.89%
4.13% 5/1 ARM 13 13 123 119 2.89%

Benchmark Chart:

Friday 1 Day 5 Day 30 Day 100-Day 100-Day
08/09/13 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
4.7 Bond Buyer's 20-yr bond index 0 -7 33 70 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
3.918 FNMA 30 yr 30 days RNY -3 -5 4 74 2.914
3.962 FNMA 30 yr 60 days RNY -3 -5 4 75 2.941
0.18456 1 Month LIBOR Rate 0 0 -1 -2 0.122
0.2647 3 Month LIBOR Rate 0 0 -1 -2 0.21
0.3945 6 Month LIBOR Rate 0 0 -2 -5 0.32
0.66489 1 Year LIBOR Rate 0 0 -3 -7 0.503
2 Call Money 0 0 0 0 2
3.36 20-year Note Yield Rate * -1 -6 17 61 2.44
2.57 10-year Note Yield Rate * -1 -10 7 65 1.66
0.11 1-year Note Yield Rate * -1 -1 -4 -4 0.1
0.05 3-month Note Yield Rate * 0 0 1 -2 0.02
0.95% 11th District Cost of Funds 0 0 0 0 0.00951
3.310 Difference 3-mo & 20 yr ** -1 -6 16 63 2.38
1.654 Difference 10yr Note 30yr Loan -1 7 54 -6 0.879408
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)
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