Mortgage Rates Sneak Slightly Higher November 28, 2011

Mortgage rates displayed little activity during the shortened holiday week.  Most mortgage loan products inched slightly higher on the week with some mortgage loan terms ending the week with little to no change in the average rate.  Overall, the escalation in mortgage interest rates was fairly minimal.

During the abbreviated business week due to the Thanksgiving holiday, the bond markets were closed on Thursday and had a shorter trading session on Friday.  Bank mortgage rates are priced based on the interest rates offered in bond markets and mortgage-backed securities.  With the bond markets not providing much guidance for the mortgage lenders, the result is generally greater variability among mortgage rates offered by the nation’s largest banks.

The gaps between mortgage rates among the top ten bank mortgage lenders has certainly widened this week and has been showing a trend of wider gaps between the best and worst rates between mortgage lenders throughout the month of November.

Based on the most recent survey of bank mortgage rates performed by Selectcdrates.com on November 25, 2011, the 30 year fixed rate mortgage, 15 year fixed rate loan and 30 year FHA mortgage loan experienced an increase in the average rate, the 20 year fixed rate loans and 10 year loan ended slightly cheaper while the average 30 year jumbo mortgages ended the week unchanged.

The average 30 year fixed rate mortgage ended the week five basis points or 5/100s of a percent more expensive than it was during the previous week.  The average 30 year mortgage rate coming from the nation’s top ten largest bank mortgage lenders increased to 4.149 percent from 4.099 percent from the prior week.

The 15 year mortgage increased in cost by almost as much as the 30 year term loan, rising 3.7 basis points on the week.  The average 15 year mortgage rate was pushed up to 3.417 percent from an average rate of 3.380 percent in the week earlier.

The third loan product displaying a rate increase for the week was the FHA mortgage loan.  The average 30 year term FHA home loan just blipped higher with a rise of 2.5 basis points.  The 30 year FHA mortgage had an average rate this week of 4.025 percent after dipping to 4.000 percent in the prior week; rate survey.

The 20 year term mortgage and ten year mortgage closed slightly cheaper for new home loan borrowers.  Unfortunately, both the 20 year mortgage and ten year mortgage dropped by less than one basis point, an almost imperceptible difference to the average monthly mortgage payment.  The 20 year mortgage rate closed at 3.945 percent while the average ten year mortgage rate ended at 3.244 percent. 

Jumbo mortgage loans sat the rate change game out this week and remained unaltered from the prior week.  The average 30 year jumbo mortgage rate held at 4.463 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates and the points charged by each bank mortgage lender on the last business day of the week, the most recent survey results are for November 25, 2011. 

Mortgage rates included in the Selectcdrates.com weekly mortgage rate survey include the interest rates, points and APRs from the nation’s largest banks including: Chase Bank mortgage, US Bank mortgage, Citibank mortgage, Bank of America mortgage, TD Bank mortgage, Wells Fargo mortgage as well as other top bank mortgage lenders.

The mortgage rates displayed are generally based on home loans with a minimum 20% down payment and are available for the most credit worthy borrowers.  The loan down payment, net loan amount, the borrower’s credit profile, geographic location of the property and other factors will impact the mortgage interest rate and costs on an individual mortgage loan request. 

To review a current list of the top bank mortgage lenders and mortgage rates by mortgage product in the weekly bank mortgage rate survey please see the following mortgage tables: 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.  Bank mortgage rates are also available at Bank of America mortgage rates, Citibank mortgage rates, Chase mortgage rates and Wells mortgage rates.

This entry was posted on Tuesday, November 29th, 2011 at 5:40 pm and is filed under US Mortgage Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.