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Digital News Report – Refinance loan rates were lower again today with decreases at Chase and Citibank (see chart).
The average 30-year fixed rate mortgage (FRM) refinance rate fell five basis points to 4.9431%. Our last survey found rates rising the trend has moved downward again. The average 15-year fixed refinance rate fell one point to 4.4051% and the average adjustable rate mortgage fell seven points to 3.2530%.
The lowest rate for refinance was provided by Chase Bank. Many banks offer separate loan rates for refinancing. They may be different from their purchase loan rates. When a homeowner refinances, the old mortgage is paid off and a new one takes its place. In some instances a second or third loans could be paid off and other debt could be consolidated into one loan.
Chase had a 30-year refinance rate of 4.84%. The rate will depend on the borrowers credit score. Customers with bad credit could pay more. Chase also offered their 15-year refinance loans at 4.17%. Their 5-year adjustable mortgage rate was 3.37%.
Bank of America had a refinance rate of 4.923%. The bank also offers 5-Year ARMS for 3.254%.
Citibank had a 30-year rate of 5.09%. The bank also offers 15-year refinancing loans for 4.61% and 5-year adjustable loans (30-year terms) for 3.41%.
By Tina Brown
| REFINANCE RATES | ||||
| 1/9/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.09% | 4.99% | 4.923 | 4.84% |
| 15-Year Fixed | 4.61% | 4.48% | NA | 4.17% |
| 5-Year Adjustable | 3.41% | NA | 3.254 | 3.37% |