The London InterBank Offered Rates (LIBOR) remained steady Monday, but over the last week these benchmarks are still lower (see benchmark table below). For the week, the 6-month LIBOR rate is down to 0.401.
In the United States, bond rates were higher. The 10-year Treasury Note yield was higher to 3.01 percent. The one-year Note yield was level at 0.18 percent. The 3-month Treasury Bill was also higher to 0.5 percent. Treasuries yield rates are sometimes referred to as "Constant Maturity Treasury" rates, or CMTs.
Why are benchmarks important? Banks typically adjust their fixed and adjustable rate mortgages to specific indexes.
30-Year Fixed Mortgage Rates
The average 30-year fixed rate mortgage (FRM) was up three basis points to 4.508 percent today (see mortgage rate chart below).
U.S. Bank raised their rate three basis points to 4.46 percent today. The weekly trend is still lower, down two points.
Chase raised their 30-year FRM three basis points to 4.73 percent.
Both U.S. Bank and Chase offer 20-year financing. Those rates were higher too.
Bank of America bucked the trend today, lowering their 30-year fixed rate 19 basis points to 4.80 percent.
Interest rates are dependant on several factors, including the location of the home, the loan amount and the credit score of the borrower.
15-Year FRM and 5/1 ARM
The average15-year rate, from all of the banks we surveyed, was down one basis point to 3.99 percent.
U.S. Bank raised their 15-year fixed mortgage rates two points to 3.76 percent. The bank also raised their FHA 15-year loans 13 basis points to 4.33 percent.
The average 5-year adjustable rate mortgage (ARM) was down one point to 3.096 percent.
Jumbo Loans
The average 30-year jumbo mortgage rate increased six basis points to 4.918 percent. The weekly trend was higher.
U.S. Bank raised their jumbo loans 13 basis points to 4.49 percent.
The average 15-year jumbo rates were lower. See the chart below for more details.
By: John Waters
Business Reporter
Click here for Current Mortgage Rates Today
Benchmarks:
| 6/6/2011 | Benchmark | % One Day | % 5-Day |
| 3.250 | Prime rates | 0.00% | 0.00% |
| 4.53 | Bond Buyer's 20-yr bond index | 0.00% | 0.00% |
| 4.33 | FNMA 30 yr 60 days | 0.00% | -1.14% |
| 0.1898 | 1 Month LIBOR Rate | 0.00% | -0.64% |
| 0.252 | 3 Month LIBOR Rate | 0.00% | -0.74% |
| 0.401 | 6 Month LIBOR Rate | 0.00% | -0.40% |
| 0.72725 | 1 Year LIBOR Rate | 0.00% | -0.31% |
| 2 | Call Money | 0.00% | 0.00% |
| 3.92 | 20-year Bond Yield Rate * | 0.51% | 0.26% |
| 3.01 | 10-year Note Yield Rate * | 0.67% | -1.31% |
| 0.18 | 1-Year Note Yield Rate (CMT) * | 0.00% | 0.00% |
| 0.05 | 3 Month Bill Yield Rate * | 25.00% | -16.67% |
| 1.359 | 11th District Cost of Funds Index | 0.00% | -6.40% |
| 3.870 | Difference 3-mo & 20 yr ** | 0.26% | 0.52% |
| * Treasury Yields - DAILY | |||
| ** Pos change - economy to improve soon (probit model) | |||
| Best Syndication News Mortgage Survey | ||||||
| Monday | 1 Day | 5 Day | 30 Day | 100-Day | 1 Week | |
| 06/06/11 | Overall Average APR* | Point Ch. | Point Ch. | Point Ch. | Point Ch. | Average |
| 4.508% | Average 30 yr fixed | 3 | -6 | -33 | -47 | 4.53% |
| 3.915% | Average 15 year FRM | -1 | -9 | -35 | -53 | 3.97% |
| 3.096% | Average 5/1 ARM | -1 | -3 | -12 | -31 | 3.12% |
| 4.918% | 30 Yr Fixed Jumbo | 6 | 2 | -41 | -53 | 4.88% |
| 4.111% | 15 Yr Fixed Jumbo | -1 | -10 | -36 | -59 | 4.18% |
| 6/6/11 | U.S. Bank | 1 Day | 5 Day | 30 Day | 100-Day | 1 Week |
| 4.46% | 30-Year Fixed | 3 | -2 | -37 | -25 | 4.46% |
| 4.46% | 20-Year Fixed | 7 | 0 | -12 | -20 | 4.39% |
| 3.76% | 15-Year Fixed | 2 | -13 | -36 | -49 | 3.82% |
| 3.62% | 10-Year Fixed | 0 | -3 | -29 | -50 | 3.62% |
| 4.84% | FHA 30-Year | 0 | 0 | -43 | -43 | 4.84% |
| 4.33% | FHA 15-Year | 13 | -13 | -26 | -39 | 4.33% |
| 4.85% | VA 30-Year | 0 | 0 | -26 | -38 | 4.85% |
| 4.34% | VA 15-Year | 0 | -13 | -51 | -64 | 4.42% |
| 3.41% | 3-Year ARM | 0 | 0 | 0 | -6 | 3.41% |
| 3.33% | 5-Year ARM | 0 | -4 | -13 | -22 | 3.37% |
| 4.49% | Jumbo 30-Year | 13 | 0 | -38 | -63 | 4.46% |
| 4.03% | Jumbo 15-Year | 13 | -13 | -38 | -63 | 4.06% |
| 06/06/11 | Chase | 1 Day Pt | 5 Day Pt | 30 Day Pt | 100-Day | 1-wk Avg |
| 4.73% | 30-Year Fixed Rate | 3 | -9 | -25 | -21 | 4.75% |
| 4.51% | 20-Year Fixed Rate | 4 | -1 | -33 | -36 | 4.50% |
| 3.90% | 15-Year Fixed Rate | 4 | -9 | -34 | -47 | 3.93% |
| 3.27% | 7/1 ARM | 3 | -5 | -17 | -69 | 3.29% |
| 3.08% | 5/1 ARM | 2 | -2 | -11 | -43 | 3.09% |
| 06/06/11 | Bank of America | 1 Day Pt | 5 Day Pt | 30 Day Pt | 100-Day | 1-wk Avg |
| 4.80% | 30-Year Fixed Rate | -19 | -19 | -14 | 0 | 4.92% |
| 4.02% | 15-Year Fixed-Rate | -9 | -9 | -15 | -15 | 4.07% |
| 3.18% | 5/1 ARM Rate | 0 | 0 | -13 | -14 | 3.18% |
| Certain Areas | ||||||
| 4.617 | 30-Year Fixed Rate | 11 | -5 | -31 | -16 | 4.60% |
| 3.908 | 15-Year Fixed Rate | 6 | -5 | -36 | -25 | 3.92% |
| 3.203 | 7/1 ARM | 0 | -7 | -16 | -24 | 3.23% |
| 3.082 | 5/1 ARM | 1 | -4 | -7 | -23 | 3.09% |
| * Average includes more banks than listed | ||||||
Post a Comment