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Home » Business » Mortgage Refinance Rates Lower and Higher

Mortgage Refinance Rates Lower and Higher

By Tina Brown on January 3, 2011
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Digital News Report – Refinance loan rates decreased today with an increase at Citibank and a decrease at Chase (see chart).

The average 30-year fixed rate mortgage (FRM) declined another basis point to 4.9079%. Both 15-year FRM and 5-year adjustable rate mortgages (ARM) increased more than one point today.

Mortgage refinance rates differ from purchase loan rates. Banks may charge a different rate for their new purchase loans. The individual rates are also dependant on the credit history of the borrower and loan amount.

Bank of America had a refinance rate of 4.893% (APR). Their 5-year adjustable rate mortgages were 3.27%.

Citibank had a refinance rate of 5.13% (APR). Their 15-year rate was 4.62% and their 5/1 ARM rate was 3.44%.

Chase had the lowest refinance rate of the four banks in our survey. They were charging 4.84% (APR).

PNC had an advertised rate of 4.99%.

See the chart below for more details.

By Tina Brown

REFINANCE RATES
1/3/2011 Citi Bank PNC Bank of America Chase Bank
30-Year Fixed 5.13% 4.99% 4.893 4.84%
15-Year Fixed 4.62% 4.48% NA 4.17%
5-Year Adjustable 3.44% NA 3.27 3.42%

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