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Digital News Report – Refinance rates were higher this week compared to last (see chart).
Refinance rates are sometimes different from new loan rates. When a homeowner refinances a home, the existing loan is paid off and a new loan replaces it.
The refinance rate will depend on several things, including the location of the home, the credit history of the borrower and the value of the house.
Citibank had a rate of 4.79% on their 30-year fixed rate mortgage (FRM) for refinancing. The bank is also offering 15-year FRM for 4.44%. Their 5-year adjustable rate mortgage (ARM) is 3.4%.
PNC had a refinance rate of 4.99%. The bank also has 15-year rates of 4.48%.
Bank of America has a rate of 4.782%.
Chase Bank had a rate of 4.56%. The bank also offers 15-year loans and 5/1 adjustable refinance mortgages.
By Tina Brown
| REFINANCE RATES | ||||
| 11/17/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.79% | 4.99% | 4.782 | 4.56% |
| 15-Year Fixed | 4.44% | 4.48% | NA | 3.93% |
| 5-Year Adjustable | 3.40% | NA | 3.235 | 3.23% |