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Digital News Report – Refinance rates are declining today with Citibank and Bank of America raising them (see chart below).
The average 30-year fixed rate mortgage (FRM) for refinancing a home decreased two basis points to 4.8802%. Over the last week and month this rate has been declining.
Citibank had a 30-year FRM of 5.14 percent today. Their 15-year refinance mortgages were 4.57%. Citibank’s 5-year adjustable rate mortgage (ARM) was 3.37% today.
Refinance rates are usually a little higher than purchase mortgage rates. Banks will usually charge a different rate for someone looking to refinance their home. The new mortgage will pay off the old mortgages. Borrowers need to check to make sure they don’t have a pre-payment penalty associated with their existing mortgages.
PNC had a rate of 4.87$ for refinance. Their 15-year rate was 4.24%.
Bank of America was offering their 30-year refinance mortgages for 4.936%.
Interest rates will depend on the borrower’s credit score. If there is equity in the house, homeowners may be able to get a home loan even if they have a poor or even bad credit history.
Chase Bank had a rate of 4.95% today. The bank also offers 15-year FRM and 5-year ARM loans.
By Tina Brown
| REFINANCE RATES | ||||
| 3/13/2011 | Citibank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.14% | 4.87% | 4.936 | 4.95% |
| 15-Year Fixed | 4.57% | 4.24% | NA | 4.15% |
| 5-Year Adjustable | 3.37% | NA | 3.178 | 3.16% |