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Digital News Report – The average refinance mortgage rate fell 48 basis points to 5.0545% (see chart).
Refinance rates may be different from purchase mortgage rates. When a customer refinances their home the old mortgages are paid off and a new mortgage takes its place. Rates are at historic lows and many people are taking this opportunity to refinance.
Some of the best rates we found were through brokers. For instance, Western Lending was advertising a rate of 4.803% for a 30-year fixed mortgage. Cash Call had a rate of 3.305% on their 5/1 adjustable rate mortgage (ARM).
Citibank had a rate of 5.24% for their 30-year fixed rate mortgages (FRM). Their 15-year FRM was 4.70% and their 5/1 ARM rate was 3.4%.
PNC had a 30-year fixed rate of 5.47%. Their 15-year mortgages were 4.94%.
Bank of America had a rate of 5.148%. Their ARM rate was 3.286%.
Chase Bank was offering their 30-year FRM for 5.08%. The bank also offers 15-year and 5/1 ARM loans.
By Tina Brown
| REFINANCE RATES | ||||
| 2/23/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.24% | 5.47% | 5.148 | 5.08% |
| 15-Year Fixed | 4.70% | 4.94% | NA | 4.35% |
| 5-Year Adjustable | 3.40% | NA | 3.286 | 3.21% |