Mortgage Rates Continue to Rise After Week of Declines

Graph of 10-year Notes

(Best Syndication News) Mortgage rates jumped again today after a drop last week in conventional lending rates (see the mortgage rate charts below). Some of the benchmarks rose after a lift in stocks and gold.

The average 30-year fixed conventional rate mortgage jumped six basis points (bps) to 4.278 percent (see the mortgage rate table below). Wells Fargo & Co (NYSE:WFC) raised their rate to 4.67 percent and their 30-year Fixed FHA rate 14 bps to 5.57 percent. Citigroup Inc (NYSE:C) raised their conventional rate 12 bps to 4.68 percent.

The average FHA loan rate jumped 11 bps to 4.808 percent. The average VA loan rate also increased to 4.207 percent. Jumbo Mortgages increased nine bps to 4.525 percent while adjustable rate mortgages (ARM) advanced two bps to 3.217 percent. The average 15-year fixed mortgage rate increased 3 bps to 3.438 percent.

Stocks were higher Tuesday. The Dow Jones Industrial Average (INDEXDJX:.DJI) climbed 31.33 points (+0.20%) to 15,451 by the closing bell. The S&P 500 (INDEXSP:.INX) advanced five points (+0.,28%) and the tech-heavy NASDAQ Composite (INDEXNASDAQ:.IXIC) advanced 14.49 points (+0.39%).

The 10-year note yield climbed 10 bps to 2.71 percent on Tuesday. The difference between the 10-year note yield and the average 30-year fixed rate mortgage tightened four bps to just 1.568 percentage points.

The LIBOR dropped but the Fannie Mae (FNMA) required net yield (RNY) rates advanced. See the mortgage rate and benchmark tables below for more information.

By: John Waters
Business Reporter

Mortgage Rates:

Best Syndication News Mortgage Survey
Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
08/13/13 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
4.278% Average 30 yr fixed 6 2 67 64 3.45%
4.808% Average 30 yr FHA 11 1 64 71 3.69%
4.207% Average 30-yr VA 3 -1 38 38 3.56%
3.438% Average 15 year FRM 3 0 47 46 2.80%
3.217% Average 5/1 ARM 2 2 32 25 2.88%
4.525% 30 Yr Fixed Jumbo 9 2 68 59 3.72%
3.717% 15 Yr Fixed Jumbo 5 -1 50 47 2.94%
08/13/13 Wells Fargo 1 Day 5 Day 30 Day 100-Day 100-Day
4.67% 30-Year Fixed 0 0 76 76 3.54%
5.57% 30-Year Fixed FHA 14 14 83 103 4.32%
3.80% 15-Year Fixed 0 0 63 63 2.79%
3.16% 5-Year ARM 4 0 39 31 2.78%
3.58% 5-Year ARM FHA 6 6 64 69 2.89%
Certain areas
4.76% 30-Year Fixed 13 0 76 88 3.62%
5.66% 30-Year Fixed FHA 28 0 83 89 4.28%
3.21% 5-Year ARM 4 0 39 31 2.82%
Jumbo Loans
4.49% 30-Year Fixed 13 0 50 50 3.73%
2.98% 5-Year ARM 0 0 13 9 2.85%
08/13/13 Citi Financial 1 Day 5 Day 30 Day 100-Day 100-Low
4.68% 30 Year Fixed 12 12 86 86 3.55%
3.80% 15 Year Fixed 9 7 65 65 2.81%

Benchmark Chart:

Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
08/13/13 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
4.73 Bond Buyer's 20-yr bond index 3 3 10 73 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
3.98 FNMA 30 yr 30 days RNY 6 -1 10 76 2.914
4.035 FNMA 30 yr 60 days RNY 7 0 11 78 2.941
0.18406 1 Month LIBOR Rate 0 0 -1 -2 0.122
0.2642 3 Month LIBOR Rate 0 0 -1 -2 0.21
0.3955 6 Month LIBOR Rate 0 0 -2 -5 0.32
0.6646 1 Year LIBOR Rate 0 0 -3 -7 0.503
2 Call Money 0 0 0 0 2
3.48 20-year Note Yield Rate * 9 11 26 71 2.44
2.71 10-year Note Yield Rate * 10 10 19 76 1.66
0.12 1-year Note Yield Rate * 0 0 -2 -2 0.1
0.06 3-month Note Yield Rate * 0 1 1 -1 0.02
0.95% 11th District Cost of Funds 0 0 0 0 0.00951
3.420 Difference 3-mo & 20 yr ** 9 10 25 72 2.38
1.568 Difference 10yr Note 30yr Loan -4 -8 48 -12 0.879408
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)
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