Mortgage Rates August 7, 2012‎

Mortgage Rates August 7, 2012, Citigroup, Wells Fargo,JPMorgan Chase, Current Mortgage Rates 8/7/2012‎ : Mortgage interest rates moved up Tuesday as banks saw an opportunity to make adjustments to their historically low loan products. SunTrust Banks, Inc. (NYSE:STI) has lowered their lending rates while PNC Financial Services (NYSE:PNC) and other banks raised their rates. The 10-year bond yield, which is used as a common standard for the 30-year mortgage interest rate, moved down one basis point to 1.59 percent.

Citigroup Inc. (NYSE:C)
The third-largest US bank by assets is setting up an investment-banking joint venture in China that will provide access to the world’s second-biggest market for share sales. Pan Xinjun, who is a chairman of partner Orient Securities Co, will lead the venture’s six-member board of directors, and Ma Ji was named as CEO, according to an e-mailed statement released by the New York-based bank yesterday.

The 800 million yuan or $126 million capital registration has been made by Shanghai-based Citi Orient Securities Co Ltd. Citigroup Inc. (NYSE:C) reported the gain of +4.23% and closed at $28.56 with the total traded volume of 36.90 million shares. Stock opened at $27.58 and its shares hit the day low of $27.41 and day high of $28.73.

Wells Fargo & Company (NYSE:WFC)
The San Francisco- based bank lost about 1% with the closing price of $34.
The overall volume in the last trading session was 13.99 million shares. Its fifty two week range was $22.58-$34.80. The total market capitalization remained $179.37 billion.

Other statistics show that WFC is ahead of its 52 week low 52.91% and its last month price volatility remained 1.87%. Its beta value stands at 1.32 with a target price of $38.52. The bank’s current year earnings per share grew 27.71% while the five year EPS growth rate was +2.71%. WFC has positive year-to-date performance of +24.68%.

JPMorgan Chase & Co. (NYSE:JPM)
The New-York based bank closed up yesterday amid a report that it has faulted a plan by the trustee liquidating Peregrine Financial Group Inc. to ask for customer documents directly from Chief Executive Officer James Dimon, calling it an inefficient and unnecessary move. JPM is ahead of its 52 week low with 33.25% and its last month price volatility remained 2.34%

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