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Digital News Report – Some banks lowered their refinance rates today the average rate was three basis points higher to 4.4135% (chart below).
Citi Financial lowered their 30-year refinance rates seven basis points to 4.59% today. PNC also lowered their refinance mortgage rates eight points to 4.38%. PNC raised their upper end rate 37 basis points to 4.83%.
Purchase interest rates may differ from refinancing rates. Banks may charge more or less and vary their rate according to home location and buyer credit score.
Chase didn’t change their rate today, but Bank of America lowered their refinance rate nine points to 4.382%.
Citibank is charging 4.20% for their 15-year fixed rate mortgages (FRM – refi). PNC is charring 3.99% and Chase is charging 3.88%. Payments will be higher on this loan but homeowners will pay it off quicker.
Adjustable rate mortgages (ARM) are usually lower but can adjust upward depending on an index. These indexes include the 1-year constant-maturity Treasury (CMT) securities, the Cost of Funds Index (COFI), and the London Interbank Offered Rate (LIBOR).
Citibank is offering their 5-year ARM for 3.26%. PNC does not publish a ARM for refinancing. Bank of America is charging 3.14% and Chase has ARMs for 3.11%.
By: Tina Brown
| REFINANCE RATES | ||||
| 10/6/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.59% | 4.38% | 4.382 | 4.35% |
| 15-Year Fixed | 4.20% | 3.99% | NA | 3.88% |
| 5-Year Adjustable | 3.26% | NA | 3.14 | 3.11% |