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Digital News Report – Refinancing interest rates were higher this week compared to last week (see chart).
The refinance rates offered by a bank may be different from their refinance rates. In the case of Bank of America and other lenders we monitor, their rates are different.
The final rate will depend on the borrowers credit score. It will be more difficult for a person with a bad credit history to find financing, but there is a wide range of lenders available to choose from.
The closing costs will vary from lender to lender. Some banks may offers home refinance with no closing costs.
Citibank had a rate of 5.42% on their 30-year mortgage for refinancing. The bank also offers 15-year loans at 4.83% and 5-year adjustable loans for 3.54%.
PNC had a rate of 5.63% today. They also offer 15-year refinanced mortgages for 5.09%.
Bank of America had a rate of 5.284%.
Chase Bank had a rate of 5.21%. They also had 15-year FRM and 5-year ARM refinancing available.
By Tina Brown
| REFINANCE RATES | ||||
| 2/13/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.42% | 5.63% | 5.284 | 5.21% |
| 15-Year Fixed | 4.83% | 5.09% | NA | 4.44% |
| 5-Year Adjustable | 3.54% | NA | 3.312 | 3.37% |