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Home » Business » Refinance Mortgage Rates

Refinance Mortgage Rates

By Tina Brown on January 25, 2011
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Digital News Report – Fixed mortgage rates were higher today (see chart).

Most banks will charge a different rate for refinancing than they do for new purchase loans. The average fixed rate 30-year mortgage for refinance was four basis points higher to 4.9760% today.

When a homeowner refinances their home the existing mortgage is paid off in full and a new loan replaces it. Second liens need to be paid off as well.

Citibank had a 30-year refinance mortgage rate of 5.14%. The bank also offered their 15-Year fixed rate mortgages for 4.70%. Their adjustable rate mortgage was 3.41%.

Chase Bank had the lowest mortgage rate for refinancing. The bank offered their 30-year mortgage for 4.88%. The bank had a 3.24% interest rate on their 5-year adjustable rate mortgage.

PNC had a rate of 4.99%. The bank also had a rate of 4.48% (ARM).

Bank of America had a rate of 4.953%. The bank also offers adjustable rate mortgages.

By Tina Brown

REFINANCE RATES
1/24/2011 Citi Bank PNC Bank of America Chase Bank
30-Year Fixed 5.14% 4.99% 4.953 4.88%
15-Year Fixed 4.70% 4.48% NA 4.29%
5-Year Adjustable 3.41% NA 3.198 3.24%

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