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Digital News Report – Refinance rates were lower today with some changes at Bank of America (see chart).
More people have been refinancing, according to the Mortgage Bankers Association. Rather than selling their home and buying a new one, homeowners are refinancing their existing home loans.
Mortgage refinance rates are at historic lows. Although average rates declined, Bank of America raised their rate.
Bank of America had an interest rate of 5.021% on their 30-year fixed mortgages for refinance. Their 5-year adjustable rate mortgage (ARM) was 3.262% today.
PNC had a rate of 5.25% on their 30-year fixed rate mortgages (FRM). Their 15-year rates were 4.57%.
Citibank was offering their 30-year refi mortgage for 5.19%. The bank also offers 15-year and 5-year ARM financing. The 5-year arm has a term of 30-years, but the rate will adjust after five years.
Chase Bank had a rate of 5.08 percent. See the chart below for details.
By Tina Brown
| REFINANCE RATES | ||||
| 3/7/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.19% | 5.25% | 5.021 | 5.08% |
| 15-Year Fixed | 4.62% | 4.57% | NA | 4.29% |
| 5-Year Adjustable | 3.42% | NA | 3.262 | 3.23% |