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Digital News Report – Loan refinance rates are declining with Citibank, Chase and Bank of America lowering their mortgage rates (see chart).
Since our last survey on Wednesday, the average 30-year refinance rate declined nine points to 4.9159%. Banks may provide a different rate for refinance than they do for purchase loans.
Home lending is lower, according to data released by the Federal Reserve. Real estate loans were down 1.1% in November (seasonally adjusted annual rate).
Citibank had a 30-year fixed refinancing rate of 5.06%. The bank is offering their 15-year loans for 4.62% and their 5-year adjustable rate mortgages (ARM) fro 3.43%.
PNC had a refinance rate of 4.99%. They also offer 15-year refinancing for 4.48%.
Bank of America had a 30-year rate of 4.892%. The bank also offered a 5-year ARM for 3.27%.
Chase Bank had a refinance rate of 4.84%. The bank also offers 15-year and 5-year ARM financing. See the chart for more details.
By Tina Brown
| REFINANCE RATES | ||||
| 1/2/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.06% | 4.99% | 4.892 | 4.85% |
| 15-Year Fixed | 4.62% | 4.48% | NA | 4.17% |
| 5-Year Adjustable | 3.43% | NA | 3.27 | 3.41% |