Mortgage Rates Mixed This Week with FHA and Jumbo Loans Dropping

Graph of 10-year Notes

(Best Syndication News) Mortgage interest rates were slightly higher today, but jumbo and FHA fixed rates fell (see the mortgage rate tables below). Consumer credit expanded in July, according to data released by the Federal Reserve, but less than forecast.

The average 30-year fixed rate mortgage (FRM) jumped one basis point to 4.418 percent on Tuesday, but the average FHA loan rate fell two basis points (bps). VA mortgage rates jumped another four points in one day.

Interest rates have been trending higher over the last month and 100-day period. Uncertainty surrounding the central bank’s easing programs pushed stocks lower but put upward pressure on mortgage rates. The average FHA mortgage rate is 103 basis points higher.

On Wednesday the Mortgage Bankers Association (MBA) will release their loan volume data. Last week the association said that loan volume increased 1.3 percent.

Although stock prices are higher this week, the Dow Jones Industrial Average (INDEXDJX:.DJI) is still below the August 2nd high of 15,658.36. On Tuesday the Dow snapped back 127 points to 15,191 (+0.85%).

The 10-year note yield, a common benchmark for the 30-year fixed mortgage rate, jumped six bps Tuesday (see the benchmark chart below). The Federal National Mortgage Association (OTCBB:FNMA) raised their 30-year 60-day required net yield (RNY) rate two bps to 4.299 percent.

Wells Fargo & Co (NYSE:WFC) held their conventional rate steady, but the lender did raise their 15-fixed rate mortgage 13 bps to 4.17 percent (see the mortgage rate chart below).

U.S. Bancorp (NYSE:USB) raised their rate 13 bps to 4.63 percent while JPMorgan Chase & Co (NYSE:JPM) lowered their rate 13 bps to 4.63 percent.

By: John Waters
Business Reporter

Mortgage Rate Chart:

Best Syndication News Mortgage Survey
Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
09/10/13 National Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Low
4.418% Average 30 yr fixed 1 0 15 92 3.45%
4.970% Average 30 yr FHA -2 -2 14 103 3.69%
4.384% Average 30-yr VA 4 0 13 81 3.56%
3.579% Average 15 year FRM 3 2 12 70 2.80%
3.269% Average 5/1 ARM 0 1 12 33 2.88%
4.735% 30 Yr Fixed Jumbo -3 4 26 94 3.77%
3.963% 15 Yr Fixed Jumbo 3 8 27 93 2.94%
09/10/13 Wells Fargo 1 Day 5 Day 30 Day 100-Day 100-Day
4.93% 30-Year Fixed 0 0 25 126 3.54%
6.15% 30-Year Fixed FHA 0 0 58 182 4.32%
4.17% 15-Year Fixed 13 13 38 126 2.79%
3.21% 5-Year ARM 0 0 4 35 2.78%
4.13% 5-Year ARM FHA 0 0 61 119 2.94%
Certain areas
5.01% 30-Year Fixed 13 0 25 126 3.62%
6.22% 30-Year Fixed FHA 0 0 56 195 4.28%
3.26% 5-Year ARM 0 0 4 35 2.82%
Jumbo Loans
4.62% 30-Year Fixed -13 -13 13 75 3.86%
2.94% 5-Year ARM 0 0 0 5 2.85%
09/10/13 U.S. Bank 1 Day 5 Day 30 Day 100-Day 100-Low
4.63% 30-Year Fixed 13 0 25 105 3.53%
4.50% 20-Year Fixed 13 0 38 98 3.39%
3.63% 15-Year Fixed 12 0 25 80 2.75%
3.50% 10-Year Fixed 13 0 38 73 2.69%
4.38% FHA 30-Year 0 0 0 58 3.79%
3.88% FHA 15-Year 13 0 25 44 3.29%
4.75% VA 30-Year 13 0 25 105 3.70%
4.25% VA 15-Year 13 0 38 80 3.45%
2.25% 3-Year ARM 0 0 0 -116 2.25%
2.75% 5-Year ARM 0 0 38 -49 2.38%
4.50% Jumbo 30-Year 0 13 38 104 3.46%
3.63% Jumbo 15-Year 0 12 38 75 2.75%
09/10/13 Chase 1 Day Pt 5 Day Pt 30 Day 100-Day 100-Low
4.63% 30-Year Fixed Rate -13 -13 3 104 3.49%
4.50% 20-Year Fixed Rate 0 -13 20 104 3.30%
3.88% 15-Year Fixed Rate 0 0 13 89 2.90%
4.63% 7/1 ARM 13 -38 92 168 2.89%
4.00% 5/1 ARM 0 -13 57 107 2.89%

Benchmark Chart:

Tuesday 1 Day 5 Day 30 Day 100-Day 100-Day
09/10/13 Benchmark Point Ch. Point Ch. Point Ch. Point Ch. Low
3.250 Prime Rate 0 0 0 0 3.25
5.03 Bond Buyer's 20-yr bond index 7 7 26 110 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
4.252 FNMA 30 yr 30 days RNY 1 4 30 124 2.914
4.299 FNMA 30 yr 60 days RNY 2 4 30 125 2.941
0.1814 1 Month LIBOR Rate 0 0 -1 -2 0.122
0.2559 3 Month LIBOR Rate 0 0 -1 -2 0.21
0.3874 6 Month LIBOR Rate 0 -1 -1 -5 0.32
0.6656 1 Year LIBOR Rate 0 0 -1 -5 0.503
2 Call Money 0 0 0 0 2
3.65 20-year Note Yield Rate * 5 9 29 114 2.44
2.96 10-year Note Yield Rate * 6 6 33 123 1.66
0.13 1-year Note Yield Rate * 1 -1 2 0 0.1
0.02 3-month Note Yield Rate * 0 0 -2 -4 0.02
0.95% 11th District Cost of Funds 0 0 0 0 0.00951
3.630 Difference 3-mo & 20 yr ** 5 9 31 118 2.38
1.458 Difference 10yr Note 30yr Loan -5 -6 -18 -31 0.879408
* Treasury Yields - DAILY
** Pos change - economy to improve soon (probit model)
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