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Digital News Report – Loan refinance rates were increasing today with big jumps at Bank of America and Chase (see chart).
Refinancing occurs when one loan replaces another loan. The rates will usually vary from a new purchase loan. The interest rate will also depend on the borrower’s credit score, location of the home. A large amount of equity will make it easier to qualify for a loan.
The average 30-year fixed refinance mortgage rate increased eight points to 4.9908% today. The average adjustable rate mortgages (ARM) jumped nine points to 3.3214%.
Citibank had a rate of 5.12% on their 30-year fixed rate mortgages (FRM). The bank also offered their 15-year loans for 4.70%. Their 5-year ARM rates started at 3.46%.
PNC had a rate of 4.99%. Their 15-year FRM rate was 4.48%. The bank has not changed their published rates for weeks now.
Bank of America had a rate of 4.966%. Their ARM rate was 3.306%.
Chase Bank had a rate of 4.93%. See the chart below for the banks other loan products.
These rates are subject to change. Our last report indicated a decline in interest rates. Today those rate are on their way back up.
By Tina Brown
| REFINANCE RATES | ||||
| 1/5/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.12% | 4.99% | 4.966 | 4.93% |
| 15-Year Fixed | 4.70% | 4.48% | NA | 4.31% |
| 5-Year Adjustable | 3.46% | NA | 3.306 | 3.45% |