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Digital News Report – Refinance rates were mixed today with big changes at Bank of America (see chart).
Refinancing rates may different from purchase mortgage rates. In most cases, they are higher. But this is still a great opportunity for homeowners to take advantage of low interest rates.
Citibank had a loan refinance rate of 5.19% APR on their 30-year fixed rate mortgages (FRM). Their 15-year mortgages were 4.62% APR today and their 5/1 adjustable rate mortgages (ARM) were 3.42% APR.
Most buyers are looking for lenders with no closing costs. These costs can include appraisal fees, title service costs, application fees and brokers commissions.
PNC had a rate of 5.46%. Their 15-year financing was 4.91%.
Bank of America had a rate of 5.037%. Their 5-year ARM rate was 3.288%.
Finally, Chase had a refinancing rate of 4.99%. Their ARM rate was 3.21% and their 15-year FRM was 4.31%.
Chase had the lowest interest rate today.
By Tina Brown
| REFINANCE RATES | ||||
| 2/26/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.19% | 5.46% | 5.037 | 4.99% |
| 15-Year Fixed | 4.62% | 4.91% | NA | 4.31% |
| 5-Year Adjustable | 3.42% | NA | 3.288 | 3.21% |