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Digital News Report – Refinance rates were lower today with changes at Chase and Bank of America (see chart). The average refinancing rate fell one basis point to 4.94%.
Refinance rates are different from mortgage purchase rates. They are typically higher, but there may still be an opportunity for homeowners to lower their payments and the overall cost of their home by refinancing their mortgage.
Citibank had a 30-year fixed rate mortgage (FRM) of 4.92 percent today. Their 15-year rate was 4.20 percent. The bank’s 5-year adjustable rate mortgage (ARM) was 3.15 percent.
PNC had a 30-year FRM of 4.86%. Their 15-year rate was 4.10%.
Bank of America had a rate of 5.008%.
Chase had a rate of 4.94% on their 30-year loans. The bank also offers 15-year fixed mortgages and 5-year adjustable mortgages.
The lowest mortgage broker rate was 4.638%. American Interbanc Mortgage Brokers had the lowest rate, but they did charge $350 in fees.
Homebuyers and homeowners look for low interest rates, but they also seek loans with no closing costs or fees. American Interbanc Mortgage Brokers tells Digital News Report that the fees can be included in the monthly payments.
By Tina Brown
| REFINANCE RATES | ||||
| 3/24/2011 | Citibank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.92% | 4.86% | 5.008 | 4.94% |
| 15-Year Fixed | 4.20% | 4.10% | NA | 4.04% |
| 5-Year Adjustable | 3.15% | NA | 3.24 | 3.14% |