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Home » Business » Refinance Mortgage Rates

Refinance Mortgage Rates

By Tina Brown on November 14, 2010
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Digital News Report – Fixed rate refinance mortgages were higher this week but the 5-year adjustable rate refi was lower Friday (see chart).

With mortgage rates at historic lows, Americans are scrambling to refinance their homes. Despite the low rates, it has become very difficult for some people to acquire a loan.

Citibank is offering a 30-year fixed rate refinance mortgage for 4.73%. Their 15-year fixed mortgage rate was 4.35%. The bank also offers a 5-year adjustable rate mortgage for 3.36%.

Adjustable rate mortgages can re-adjust after a set period of time. The interest rate will be dependent on external criteria.

PNC had a 30-year fixed rate mortgage for 4.86%. Their 15-year rate was 4.24%.

Bank of America had a rate of 4.776%. Their 5/1 ARM was 3.211%.

Chase offers a wide range of mortgage products. Their 30-year fixed rate loans were 4.56%.

Refinance mortgages are different from purchase loans. When a homeowner refinances their home, the original loan is paid-off and a new mortgage is created. The goal is to lower interest rates, payments and the overall cost of the loan.

By Tina Brown

REFINANCE RATES
11/12/2010 Citi Bank PNC Bank of America Chase Bank
30-Year Fixed 4.73% 4.86% 4.776 4.56%
15-Year Fixed 4.35% 4.24% NA 3.90%
5-Year Adjustable 3.36% NA 3.211 3.22%
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