Digital News Report – The average 30-year refinance loan rate increased two basis points today while the average 15-year fixed rates declined (see chart).
Banks will sometimes charge a different rate for refinancing compared to new-purchase loans. Today many Americans are looking to consolidate high interest credit card debt into a low interest long term mortgages. There may be tax advantages, but there are disadvantages too. Some advisors recommend homeowners not refinance unsecured debt with their home.
Here are some of the rates specifically for refinancing:
PNC raised their rates today. The bank is charging 5.39% for their 30-year refinancing loans and 4.89% for their 15-year loans.
Citibank had a rate of 5.12%. The bank lowered their 15-year fixed and 5-year adjustable mortgages. Citi is charging 4.58% and 3.35% respectively.
Bank of America had a 30-year refinance rate of 4.9212%. Their 5-year ARM rate was 3.119%.
Chase was offering their 30-year fixed rate mortgages for 4.86%. Their 15-year loans were 4.17% and 5-year adjustable rate mortgages were 3.18%.
By Tina Brown