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Digital News Report – Refinance loan rates are higher today (see chart). Citibank raised their rate while Bank of America and Chase lowered them.
Refinance rates may be different from the purchase loan rates. Some banks distinguish between refinancing and new purchase. The average 30-year re-fi mortgage increased four basis points to 5.0085%.
Citibank had a 30-year fixed loan refinance rate of 5.14%. The bank also offers a 15-year loan for 4.77%. Their 5/1 adjustable rate mortgage (ARM) was 3.44%.
PNC offers 30-year fixed rate mortgages (FRM) for refinance at 4.99%. Their 15-year rates are 4.48%.
Bank of America had a refinancing rate of 4.958%. Their 5-year adjustable rate was 3.313%.
Chase Bank had the lowest refinance rates (30-year loans). Their rate was 4.84%. Their 15-year FRM was 4.19% and their 5-year ARM was 3.42%.
The lowest rate we found for refinance was 4.75% from americaninterbanc.com. The broker works in these states: Alabama, Alaska, Arizona, California, Colorado, Connecticut, Florida, Hawaii, Idaho, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Missouri, Mississippi, Montana, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, and Washington.
By Tina Brown
| REFINANCE RATES | ||||
| 12/29/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.14% | 4.99% | 4.958 | 4.84% |
| 15-Year Fixed | 4.77% | 4.48% | NA | 4.19% |
| 5-Year Adjustable | 3.44% | NA | 3.313 | 3.42% |