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Digital News Report – Refinance rates are higher this week compared to last week (see chart). Citibank and Chase raised their loan rates 20 basis points or more.
Refinancing rates may be different than purchase loan rates. We monitor press releases, make phone calls and check published rates to calculate average rates. The average 30-year refinancing loan rate increased 15 points this week.
Citibank had a refinance rate of 5.13% today. Their 15-year fixed refinancing rates were 4.73% today. The 5/1 year adjustable rate mortgage (ARM) was 3.42%.
PNC had a refinancing loan rate of 4.99%. The bank also offered a 15-year fixed rate mortgage (FRM) for 4.48%.
Bank of America had a 30-year refinance rate of 4.974%. The nation’s largest bank (market cap) had a 5-year ARM refinance rate of 3.321%.
Chase had a rate of 4.87%. The bank also offers a 15-year FRM for 4.29%. Their 5-year ARM Rate was 3.45%.
By Tina Brown
| REFINANCE RATES | ||||
| 12/12/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.13% | 4.99% | 4.974 | 4.87% |
| 15-Year Fixed | 4.73% | 4.48% | NA | 4.29% |
| 5-Year Adjustable | 3.42% | NA | 3.321 | 3.45% |