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Digital News Report – Refinance rates were mixed today with some changes at the major banks (see chart below).
Since our last survey, Citibank raised their interest rates while PNC, Chase and Bank of America lowered them. These refinance rates may be different than purchase rates. Typically refinance rates are higher.
When a buyer refinances their home the old mortgages are paid off and a new home loan replaces them. According to the Federal Reserve, the amount of outstanding mortgage debt is decreasing. This could be due to falling home prices.
While the number of people seeking purchase mortgages declined, the number of homeowners looking to refinance has increased, according to the Mortgage Bankers Association (MBA).
Citibank had a refinance mortgage rate of 5.21% today. The bank also offers 15-year fixed rate mortgages (FRM) for 4.70%.
The final interest rate will depend on the borrowers credit score, the loan amount and the term of the loan.
PNC had a rate of 5.13%.
Bank of America lowered their 30-year fixed rate mortgages (FRM) to 5.001%. The bank also offers 5/1 adjustable rate mortgages (ARM) for 3.253%.
Finally, Chase tinkered with their rate today lowering their 30-year fixed loans one basis point to 5.07%.
See the chart for more details.
By Tina Brown
| REFINANCE RATES | ||||
| 3/8/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.21% | 5.13% | 5.001 | 5.07% |
| 15-Year Fixed | 4.70% | 4.48% | NA | 4.29% |
| 5-Year Adjustable | 3.44% | NA | 3.253 | 3.20% |