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Digital News Report – Refinance rates continue to move lower today (chart below).
Refinance rates may differ from purchase rates. Banks may charge a different interest rate for each type of loan. They may also charge according to location, credit history and home.
Citibank lowered their 30-year fixed refinance rate four basis points today to 4.5530%. The bank also lowered their 15-year refinance interest rate eleven points to 4.0860%.
The bank also offers a 5-year adjustable rate loan for home refinancing. This rate is tied to the London Inter-Bank Offered Rate (LIBOR). The rate went up two points to 3.2820%.
PNC is offering home refinancing. The bank has a 30-year fixed mortgage for 4.12 percent. Their 15-year rate is 3.84 percent. PNC lowered all of their rates today.
Bank of America is offering a 30-year fixed mortgage rate of 4.383. They raised their 5-year Adjustable rate mortgage (ARM) two points to 3.164.
Chase lowered their 30-year refinancing rates 13 basis points to 4.22%. The bank also lowered their 15-year rate to 3.83% and their 5-year adjustable rate to 3.11%.
By: Tina Brown
| REFINANCE RATES | ||||
| 10/7/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.55% | 4.12% | 4.383 | 4.22% |
| 15-Year Fixed | 4.09% | 3.84% | NA | 3.83% |
| 5-Year Adjustable | 3.28% | NA | 3.164 | 3.11% |