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Digital News Report – Refinance rates were higher today with changes at Citibank, PNC, Bank of America and Chase Bank (see chart).
Banks usually charge a different rate for refinance than they do for purchase mortgages. The average 30-year fixed rate mortgage (FRM) was 19 basis points higher to 5.2070.
Although credit is still tight, many Americans may be seeking refinancing. Refinancing mortgages can be used to lower the homeowner’s current interest rate or to consolidate debt, including a first, second or other junior lien.
Citibank had a 30-year rate of 5.36%. The bank had a rate of 4.78% for their 15-year refinancing. Their 5-year adjustable rate mortgage (ARM) was 3.47%.
PNC had a rate of 5.53%. Their 15-year FRM was 5.00%.
The rates will depend on the borrower’s credit history and loan amount.
Bank of America had a rate of 5.251% on their mortgage loans for refinance.
Chase had a rate of 5.21%. See the chart below for details.
By Tina Brown
| REFINANCE RATES | ||||
| 2/5/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.36% | 5.53% | 5.251 | 5.21% |
| 15-Year Fixed | 4.78% | 5.00% | NA | 4.40% |
| 5-Year Adjustable | 3.47% | NA | 3.262 | 3.32% |