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Digital News Report – Refinance mortgage interest rate are declining but not applications (see chart)
The average 30-year refinance fixed rate mortgage fell three points to 4.9099%. The average 15-year rate and 5/1 adjustable rate mortgage (RAM) fell one point and two points respectively.
At the same time, purchase applications are increasing. According to a survey by the Mortgage Bankers Association today, applications increased 2.2% on a seasonally adjusted basis for the week ending January 7, 2011.
More people are refinancing. “The Refinance Index increased 4.9 percent from the previous week”, the MBA said.
Citibank had a rate of 5.12% on their 30-year fixed terms. The bank also had a rate of 4.66% on their 15-year FRM. Their 5-year adjustable rate mortgages were 3.41%.
Bank of America had a rate of 4.888% today. Their 5/1 ARM rates were 3.164%.
Chase Bank offered their 30-year fixed rate mortgages for 4.88%. The bank has 15-year terms for 4.27%. Their ARM Rate was 3.38%.
By: Tina Brown
| REFINANCE RATES | ||||
| 1/12/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.12% | 4.99% | 4.888 | 4.88% |
| 15-Year Fixed | 4.66% | 4.48% | NA | 4.27% |
| 5-Year Adjustable | 3.41% | NA | 3.164 | 3.38% |