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Digital News Report – Refinance rates are increasing with changes at Citibank and Chase Banks (see chart).
Refinance rates may be different from purchase mortgage rates. When a homeowner refinances their loan the old one is paid-off and a new one takes its place.
According to the Federal Reserve the amount of outstanding debt is decreasing. In the first quarter of 2010 there was $14.132 trillion outstanding mortgage debt and in the second quarter that number decreased to $14.019 trillion.
While rates remain near historic lows, it is still difficult to acquire new purchase and refinance loans.
Citibank had a rate of 4.89% on their 30-year fixed rate mortgages (refinance rates). The bank had a rate of 4.48% on their 15-year loans and 3.38% on their 5/1 adjustable rate mortgages (ARM).
PNC Bank was offering 30-year loans for 4.99%. Their 15-year fixed refinance mortgage rate was 4.48%.
Bank of America had a rate of 4.876% on their 30-year FRM. Their 5-year ARM rate was 3.267%.
Chase Bank had a refinance rate of 4.70%. The bank also offers 15-year mortgages and 5-year adjustables.
By Tina Brown