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Digital News Report – Refinance rates were lower today with some changes at Citibank, Chase, PNC and Bank of America (see chart).
The average refinance rate was 10 basis points lower to 4.8914% today. Refinance loan rates are usually lower than purchase mortgage rates. The Mortgage Bankers Association reports that the volume of both purchase and refinance mortgages have been decreasing.
Citibank was offering 30-year fixed rate mortgages (FRM) starting at 5.14%. Their 15-year loans were 4.66% and their 5-year adjustable rate mortgage (ARM) was 3.36%.
These refinancing rates will depend on the borrowers credit score. People with poor and bad credit scores will pay more in interest. The rates may still be lower than what the homeowner’s are paying for credit cards, car loans and payday loans.
PNC had a fixed 30-year loan rate of 4.87%. Their 15-year rate was 4.12%.
Bank of America had a refi rate of 4.992%. Their 15-year rates were 4.421% and their 5-year ARM rates were 3.183%.
Chase Bank had a refinance rate of 4.94%. See the chart below for more details.
By Tina Brown
| REFINANCE RATES | ||||
| 4/19/2011 | Citibank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.14% | 4.87% | 4.992 | 4.94% |
| 15-Year Fixed | 4.66% | 4.12% | 4.421 | 4.13% |
| 5-Year Adjustable | 3.36% | NA | 3.183 | 3.14% |