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Digital News Report – Refinance rates fell this week with Bank of America and Citibank raising their loans while Chase lowering them (see chart).
Refinancing has become very popular and the rate may differ from purchase mortgages. Citibank, PNC, Bank of America and Chase all specify whether the quoted rate is for a new purchase or refinance.
We monitor press releases and make phone calls to collect interest rate data. The average 30-year refinance rate fell three points since last week.
Citibank had a rate of 5.13% on their 30-year refinance loans. The bank was offering 15-year refinancing starting at 4.73%. Their adjustable rate mortgages (ARM) was 3.42%.
PNC had a rate of 4.99%.
Bank of America had a rate of 4.991%. The bank was offering their 5-year ARM refinance mortgages for 3.321%.
Chase Bank had a rate of 4.85%.
The rate will vary accoridng to loan ammount, location and the credit score of the borrower.
See the chart below for more details.
By Tina Brown
| REFINANCE RATES | ||||
| 12/26/2010 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.13% | 4.99% | 4.991 | 4.85% |
| 15-Year Fixed | 4.73% | 4.48% | NA | 4.29% |
| 5-Year Adjustable | 3.42% | NA | 3.321 | 3.46% |