|
Digital News Report – Refinance interest rates were higher today (see chart below). PNC and Chase banks raised their rates while Bank of America lowered them.
Sometimes banks charge the same rate for refinancing as they do for purchase loans. In most cases, and those listed in this article, the rates will vary. When a homeowner refinance their mortgage, the old loans are paid off and one singe new home loan takes their place.
Citibank had a 30-year fixed rate mortgage (FRM) for 5.19%. Their 15-year fixed mortgage rate was 4.62 percent. The bank offered 5/1 adjustable rate mortgage (ARM) hit 3.42%.
PNC had a rate of 5.25%. Their 15-year FRM was 4.57%.
Chase Bank offered their 30-year FRM fro 5.08%. Their 15-Year rates increased two basis points to 4.350%. Their 5-year ARM was 3.20%.
Bank of America publishes 30-year FRM and 5/1 ARM refinance rates. Their 30-year rate was 4.96%. The 5-year rate was 3.213%.
By Tina Brown