|
Digital News Report – Refinance loan rates were higher today at PNC and Citibank (see chart).
Refinance rates may be different from purchase loan rates at some banks. Bank of America, Chase and other banks charge a different rate to to refinance their home loans.
When a homeowner refinances their home the original loan is paid-off and a new loan is created.
Citibank had a 30-year loan refinance rate of 4.66% today. Their 15-year mortgages were at 4.28% and their 5/1 year adjustable rate mortgage (ARM) was 3.38%.
PNC had a rate of 4.85% on their 30-year refinance fixed rate mortgages (FRM). The 15-year rate was 4.22%.
Bank of America had a rate of 4.648%. The bank also offers a 5-year adjustable mortgage. That rate was 3.21%.
Chase had a refinance rate of 4.44%. The bank had a 15-year refinance rate of 3.79%.
By Tina Brown