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Digital News Report – Refinance loan rates were lower over the week but were higher on Friday (see chart).
Refinancing rates may be different from purchase loan rates. Many banks, including Citibank and Bank of America, offer different rates for new purchase loans. We are focusing on refinance loans rates, not purchase loan rates.
Citibank had a rate of 4.55% for their 30-year fixed refinance mortgages. They also offered their 15-year loans at 4.12%. The 5-year adjustable rate mortgage was 3.26 percent on Friday.
PNC had a rate of 4.10%. They were offering 15-year fixed rate mortgages for 3.82%. The District of Columbia based bank also offers 15-year loans for 3.82 percent.
Bank of America had a rate of 4.417%. The bank also published their 5/1 ARM rates.
Chase bank had a rate of 4.21%. Here are the rest of the rates:
By: Tina Brown
| REFINANCE RATES | ||||
| 10/8/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.55% | 4.10% | 4.417 | 4.21% |
| 15-Year Fixed | 4.12% | 3.82% | NA | 3.79% |
| 5-Year Adjustable | 3.26% | NA | 3.165 | 3.10% |