|
Digital News Report – Refinance rates were mixed today with Citibank and Chase lowering them (see chart).
The average 30-year refinance rate increased three basis points to 4.9434%. Refinance rates may be different than purchase mortgages rates. Most banks will offer different rates for refinancing and the final cost will depend on the customer’s credit score, loan amount and equity.
Citibank offered their 30-year loans for 5.09%. Their 15-year fixed rate mortgage (FRM) for refinancing was 4.53%. The bank also offered their 5-year adjustable rate mortgage (ARM) for 3.37%.
PNC offers 30-year and 15-year financing. Their 30-year refinance rate was 4.99% and their 15-year rate was 4.48%.
Bank of America had a 30-year rate of 4.93%. Their 5-year adjustable mortgage was 3.191%.
Chase is offering their 30-year FRM for 4.83%. Their 15-year rate is 4.17% and their 5-year ARM rate is 3.23%.
Quicken Loans is offering 30-year FRM for 5.050%.
By Tina Brown
| REFINANCE RATES | ||||
| 1/15/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.09% | 4.99% | 4.93 | 4.83% |
| 15-Year Fixed | 4.53% | 4.48% | NA | 4.17% |
| 5-Year Adjustable | 3.37% | NA | 3.191 | 3.23% |