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Digital News Report – Refinance rates were higher this week compared to last (see chart). Citibank raised their rate while Chase lowered their rate.
Refinance rates may not be the same as purchase loan rates. Chase, Bank of American and Citibank charge different rates.
The final interest rate will also depend on the loan amount, the equity and location of the home and the credit history of the borrower. The interest rate may also vary according to the lending institution.
Citibank raised their interest rate this week to 4.94%. The bank also offered their 15-year refinance mortgages at 4.53%.
Adjustable rate mortgages (ARM) can help homeowners qualify for a loan because the initial interest rate and payments are extremely low. After a set period, usually five years, the interest rate adjusts.
Citibank had a rate of 3.30% on their ARMS.
Bank of America had a rate of 3.30%. The bank had a rate of 3.267% on their adjustable rate mortgages.
Chase had a rate of 4.63% on their 30-year fixed rate mortgages. The bank lowered their 15-year mortgages to 3.88%. See the chart below for more details.
By: Tina Brown
| REFINANCE RATES | ||||
| 12/5/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 4.94% | 4.99% | 4.876 | 4.63% |
| 15-Year Fixed | 4.53% | 4.48% | NA | 3.88% |
| 5-Year Adjustable | 3.30% | NA | 3.267 | 3.50% |