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Digital News Report – Refinance mortgage rates were lower today (see chart). Most banks lowered their re-fi rates.
Refinance rates may be different from purchase loan rates. Bank of America and other banks publish different rates for the two types of loans.
While banks have historically low interest rates, they are also working with borrowers through the government loan modification program. Most banks have reinstituted foreclosures in all 50 states.
Bank of America mortgage rates were lower today. The bank had 30-year fixed refinance rates of 4.512%. The bank also had 5/1 year adjustable rate mortgages for 3.193%.
Citibank had a 30-year refi rate of 4.66% Wednesday. The bank also had 15-year refinancing for 4.29%.
PNC bank had a 30-year rate for 4.12%. The bank also offers 15-year mortgages.
Chase bank had a rate of 4.35%. Their 15-year rate was 3.86% and their 5-year adjustable rate was 3.10%.
See the chart for more details.
By: Tina Brown
| REFINANCE RATES | ||||
| 10/20/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.66% | 4.12% | 4.512 | 4.35% |
| 15-Year Fixed | 4.29% | 3.61% | NA | 3.86% |
| 5-Year Adjustable | 3.39% | NA | 3.193 | 3.10% |