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Digital News Report – Fixed mortgage rates were higher today (see chart).
Most banks will charge a different rate for refinancing than they do for new purchase loans. The average fixed rate 30-year mortgage for refinance was four basis points higher to 4.9760% today.
When a homeowner refinances their home the existing mortgage is paid off in full and a new loan replaces it. Second liens need to be paid off as well.
Citibank had a 30-year refinance mortgage rate of 5.14%. The bank also offered their 15-Year fixed rate mortgages for 4.70%. Their adjustable rate mortgage was 3.41%.
Chase Bank had the lowest mortgage rate for refinancing. The bank offered their 30-year mortgage for 4.88%. The bank had a 3.24% interest rate on their 5-year adjustable rate mortgage.
PNC had a rate of 4.99%. The bank also had a rate of 4.48% (ARM).
Bank of America had a rate of 4.953%. The bank also offers adjustable rate mortgages.
By Tina Brown
| REFINANCE RATES | ||||
| 1/24/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.14% | 4.99% | 4.953 | 4.88% |
| 15-Year Fixed | 4.70% | 4.48% | NA | 4.29% |
| 5-Year Adjustable | 3.41% | NA | 3.198 | 3.24% |