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Digital News Report – Refinance rates were slightly higher today with Citibank lowering their rates and Bank of America raising them (see chart below).
Citibank had a 30-year fixed mortgage rate for refinancing of 5.13% today. Their 15-year loans were 4.49% and their 5-year adjustable rate mortgage (ARM) was 3.30%.
Most banks charge a different rate for refinancing than they do for purchase mortgages. When a homeowner refinances their home, the old loans are paid-off and a new home loan takes their place.
PNC had a rate of 4.88% today. Their 15-year fixed rate mortgage (FRM) was 4.22%.
Today Bank of America had a rate of 4.939%. Their 5/1 ARM rate was 3.169%.
Chase Bank had a rate of 4.96% today. Their 15-year rate was 4.15% and their 5-year ARM rate was 3.14%.
More Americans are looking to refinance their home, according to a report released by the Mortgage Bankers Association.
By Tina Brown