Digital News Report – Refinance rates decreased since Wednesday but the trend is still higher over the last seven days (see chart).
Refinance rates may differ from purchase mortgage rates. Some banks will charge more or less to refinance a home than to make the original loan. With a refinance loan the original loan is paid off and a new loan takes its place.
Many Americans purchased a home using an adjustable rate mortgage (ARM). Now that the rates have adjusted they are looking to refinance their home to a lower rate.
Although refinancing rates are trending higher, they are still at historic lows.
Citibank had a rate of 4.76% on their 30-year refinance fixed rate mortgages (FRM). The bank also offers 15-year loans and 5-year adjustable rate mortgages (ARM).
PNC had a refinance rate of 4.99%. Their 15-year FRM was 4.48%.
Bank of America had a 30-year fixed mortgage rate of 4.436%. Their ARM rates were 3.092%.
Chase Bank has a rate of 4.58% on their fixed refinance mortgages. The bank also offers 15-year fixed rate mortgages and adjustables.
By: Tina Brown