Digital News Report – Refinance rates increased today at major lending institutions (see chart).
Refinancing rates may be different from purchase mortgage rates. Refinancing involves paying off an existing loan with a new one. Low interest rates have sparked an interest in refinancing over the last couple years, despite the decline in home prices.
There are fees associated with refinancing and potential borrowers should speak to a professional advisor before signing the loan documents.
The average 30-year refinance rate increased seven basis points today to 4.52%. The loan interest rate will depend on the borrower’s credit history, value of the home, equity in the house and location of the house.
Citibank had a rate of 4.81% on their 30-year mortgage today. They were also offering 15-year fixed refinance mortgages for 4.49% and 5-year adjustable mortgages for 3.43%.
PNC also raised their rate. Their 30-year refi loan rate is now 4.49%. They also offer a 15-year fixed rate mortgage (FRM) for 4.10%.
Bank of America had a rate of 4.667% on their refinance 30-year loans today. The bank also advertised a rate of 3.242% on their adjustable rate mortgages.
Chase Bank had a rate of 4.58%. The bank also offers 15-year fixed and 5-year adjustable mortgages.
By: Tina Brown