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Digital News Report – Mortgage refinance rates were higher today (see chart).
According to data provided by the Federal Reserve, outstanding mortgages are declining. In the second quarter of the year there was $10.643 trillion in outstanding mortgages, down from $10.707 trillion in the first quarter.
Refinance interest rates may be different from purchase loan rates. New home purchases have declined substantially during this recession, despite low interest rates and declining home prices.
Low interest rates have spurred incredible interest in refinancing.
Citibank had a refinance rate of 4.62% on their 30-year fixed rate mortgages. The bank is also offering a 15-year refi rate of 4.24% and a 5-year adjustable rate mortgage at 3.34%.
Adjustable rate mortgages will adjust higher after a set period of time. The adjustments usually occur once a year and are capped.
PNC Bank had a rate of 4.75%. The bank also offers 15-year mortgages. The rate on that loan was 4.12%.
Bank of America offers both 30-year fixed rate mortgages (FRM) and 5/1 adjustable rate mortgages (ARM). Their 30-year FRM was 4.483% and their 5-year ARM was 3.181%.
Chase is offering 30-year fixed refinance rates of 4.45%. The bank also offers 15-year FRMs and 5-year ARMs.
By: Tina Brown
| REFINANCE RATES | ||||
| 11/3/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.62% | 4.75% | 4.483 | 4.45% |
| 15-Year Fixed | 4.24% | 4.12% | NA | 3.90% |
| 5-Year Adjustable | 3.34% | NA | 3.181 | 3.13% |