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Digital News Report – Refinance mortgage rates were higher again today compared to last week (see chart). The average 30-year refinance rate rose 45 basis points to 5.5349%.
Refinancing rates may be different than purchase loan rates. When a borrower refinances their home the old mortgage (or mortgages) is paid off and a new loan takes the place. In some instances a second lien needs to be paid off before a first lien can be refinanced. In case of foreclosure the senior lien is paid before the junior liens.
Citibank had a 30-year fixed rate mortgage (FRM) for 5.29%. Their 15-year refinance mortgage was 4.77% and they offered their 5/1 adjustable rate mortgage (ARM) for 3.45%.
PNC had a rate of 5.51 percent today. Their 15-year FRM was 4.98%.
The final percentage rate will depend on the credit history of the borrower, the loan amount and the location of the home.
Bank of America is providing 30-year refinance mortgages starting at 5.042 percent.
Chase had a rate of 5.11% on their 30-year loans. See the chart below for more information.
By: Tina Brown
| REFINANCE RATES | ||||
| 2/21/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.29% | 5.51% | 5.042 | 5.11% |
| 15-Year Fixed | 4.77% | 4.98% | NA | 4.38% |
| 5-Year Adjustable | 3.45% | NA | 3.232 | 3.34% |