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Digital News Report – Refinance rates were higher today, jumping an average of three points to 5.0121% (see chart). Chase, Bank of America, Citibank and PNC all raised their refinancing rates.
Refinance rates may be different from purchase loan rates. Typically they are higher while homeowners are looking for lower payments or a way to consolidate high-interest debt into a low interest mortgage.
Citibank had a rate of 5.21% on their 30-year fixed rate mortgages (FRM). The bank also offers 15-year FRM and 5-year adjustable rate mortgages (ARM). Those rates were 4.70% and 3.41% respectively.
PNC offered their 30-year loans for 5.40%. The 15-year financing was set at 4.93%.
Bank of America was offering their 30-year mortgages for 4.984%. Their 5-year adjustable rates were 3.172%.
Chase Bank had a rate of 4.93%. The bank had a rate of 4.25% on their 15-year term mortgages and 3.20% on their 5-year ARMS.
All of the banks in our survey raised their rates today. The final percentage rate will depend on several factors including the down payment, the credit score of the borrower and the location of the home.
By Tina Brown
| REFINANCE RATES | ||||
| 2/1/2011 | Citi Bank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.21% | 5.40% | 4.984 | 4.93% |
| 15-Year Fixed | 4.70% | 4.93% | NA | 4.25% |
| 5-Year Adjustable | 3.41% | NA | 3.172 | 3.20% |