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Digital News Report – Refinance loan rates fell sharply since our last survey on Sunday (see chart). The average refinancing rate fell 15 basis points.
Refinance rates may be different from purchase loan rates. Citibank, PNC, Bank of America and Chase provide different values all lowered their rates.
The banks may charge different rates depending on the borrower’s credit score. The bank or broker may refinance with no closing costs or may charge appraisal fees, escrow fees and points.
Citibank had a refinance rate of 5.29% today. The bank also provides 15-year financing for 4.71 percent. Their 5-year adjustable rate mortgage (ARM) was 3.48%.
PNC had a 30-year fixed rate mortgage (FRM) of 5.48%.
Bank of America had a rate of 5.042%. Their 5-year ARM was 3.232%.
Chase Bank had a rate of 5.11% today. Their 15-year FRM was 4.36% and their 5/1 ARM was 3.38%.
By Tina Brown
| REFINANCE RATES | ||||
| 2/16/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.29% | 5.48% | 5.042 | 5.11% |
| 15-Year Fixed | 4.71% | 4.96% | NA | 4.36% |
| 5-Year Adjustable | 3.48% | NA | 3.232 | 3.38% |