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Digital News Report – Citibank and Bank of America lowered their rates drastically today (see chart below). Over the last 30 days, PNC and Bank of America lowered their rates while Chase and Citibank were raised them.
Refinance rates are different from purchase loan rates.
Citibank (NYSE:C) had a rate of 5.17% on their 30-year fixed refinance loans. The bank was offering their 15-year fixed rate mortgages (FRM) for 4.58% and their 5/1 adjustable rate mortgages (ARM) for 3.41%.
PNC Financial Services (NYSE:PNC) made some major changes today. The bank lowered their 30-year FRMs 15 basis points to 4.98%. The bank also offered their 15-year FRMs for 4.33%.
The Bank of America Corporation (NYSE:BAC) had a rate of 4.89% on their 30-year mortgagees. The bank also provides adjustable mortgages.
JPMorgan Chase & Co. (NYSE:JPM) had 30-year loans for 5.08%. Their 15-year ARM rate was 4.29% and their ARM rates were 3.20%.
By Tina Brown
| REFINANCE RATES | ||||
| 3/10/2011 | Citibank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.17% | 4.98% | 4.895 | 5.08% |
| 15-Year Fixed | 4.58% | 4.33% | NA | 4.29% |
| 5-Year Adjustable | 3.41% | NA | 3.152 | 3.20% |