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Digital News Report – Refinance loan rates decreased today with an increase at Citibank and a decrease at Chase (see chart).
The average 30-year fixed rate mortgage (FRM) declined another basis point to 4.9079%. Both 15-year FRM and 5-year adjustable rate mortgages (ARM) increased more than one point today.
Mortgage refinance rates differ from purchase loan rates. Banks may charge a different rate for their new purchase loans. The individual rates are also dependant on the credit history of the borrower and loan amount.
Bank of America had a refinance rate of 4.893% (APR). Their 5-year adjustable rate mortgages were 3.27%.
Citibank had a refinance rate of 5.13% (APR). Their 15-year rate was 4.62% and their 5/1 ARM rate was 3.44%.
Chase had the lowest refinance rate of the four banks in our survey. They were charging 4.84% (APR).
PNC had an advertised rate of 4.99%.
See the chart below for more details.
By Tina Brown
| REFINANCE RATES | ||||
| 1/3/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.13% | 4.99% | 4.893 | 4.84% |
| 15-Year Fixed | 4.62% | 4.48% | NA | 4.17% |
| 5-Year Adjustable | 3.44% | NA | 3.27 | 3.42% |