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Digital News Report – Chase raised their refinance rates while Bank of America lowered them (see chart).
Banks may offer a different rate for refinancing compared to their purchase loan rates. Some banks will publish the same rate while others specify a separate category with different rates.
While Citibank and Bank of America lowered their refinance mortgage rates this week, the trend is still higher over the last month.
Citibank had a rate of 5.06% for their 30-year fixed rate refinance rate. The bank also offers a 15-year FRM for 4.73%. Their 5-year ARM was 3.39%.
The PNC Bank 30-year FRM was 4.99%. The bank also offers a 15-year refinance mortgage. That rate was 4.48%.
Bank of America lowered their rate this week to 4.919%. The bank also published a 5/1 ARM rate of 3.233%.
Chase bank had a rate of 4.95% on their 30-year fixed rate mortgage. The bank had a 15-year loan for 4.34% and a 5-year adjustable rate mortgage for 3.46%.
By Tina Brown
| REFINANCE RATES | ||||
| 12/19/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.06% | 4.99% | 4.919 | 4.95% |
| 15-Year Fixed | 4.73% | 4.48% | NA | 4.34% |
| 5-Year Adjustable | 3.39% | NA | 3.233 | 3.46% |