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Digital News Report – Refinance rates were mixed today (see chart).
The average 30-year fixed refinance rate was three basis points higher. Refinancing rates may vary from purchase rates. Bank of America and other lenders will charge different rates for refinancing compared to purchase loans.
Other factors may affect refinance rates, including credit scores, home location and the value and quality of the home.
Citibank is offering a 30-year fixed rate refinance mortgage for 4.64%. The bank also offers a 15-year fixed loan for 4.20% and 5-year adjustable refinance mortgage for 3.34%.
PNC set 30-year rates at 4.10%. The regional bank also offers 15-year fixed rate mortgages (FRM) for 3.82%.
Bank of America mortgage rates: BofA had a rate of 4.503% on their 30-year fixed rate mortgages. The national bank also offers a 5-year adjustable rate mortgage (ARM) for 3.144%.
Chase bank had a refinance rate of 4.58% on their 30-year mortgages. The 15-year fixed refinance loan rate was 3.79%.
By: Tina Brown
| REFINANCE RATES | ||||
| 10/13/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.64% | 4.10% | 4.503 | 4.58% |
| 15-Year Fixed | 4.20% | 3.82% | NA | 3.79% |
| 5-Year Adjustable | 3.34% | NA | 3.144 | 3.12% |