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Digital News Report – Mortgage refinance rates were lower today (see chart). The 30-day trend is higher on fixed rate mortgages (FRM) but lower on adjustable rate mortgages (ARM).
Refinance rates are different from mortgage rates. When a homeowner refinances their home, the old loan is paid off in full, including any junior liens. A new loan replaces all of the obligations on the property.
Citibank offers three different loan types for refinancing. Their 30-year FRM was 5.12%. The bank had a rate of 4.62% on their 15-year FRM and 3.37% on their 5-year ARM.
PNC changed their rates today, raising them more than 20 basis points. The bank had a rate of 5.37% on their 30-year FRM. They also offered their 15-year FRM for 4.87%.
Bank of America had a rate of 4.927% on their 30-year mortgages. Their 5-year ARM was 3.13%.
Chase Bank had a rate of 4.88% today. Their 15-year rate hit 4.25% and their ARM was 3.22%.
By Tina Brown
| REFINANCE RATES | ||||
| 1/26/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.12% | 5.37% | 4.927 | 4.88% |
| 15-Year Fixed | 4.62% | 4.87% | NA | 4.25% |
| 5-Year Adjustable | 3.37% | NA | 3.13 | 3.22% |