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Digital News Report – Refinancing rates were slightly lower today with Bank of America raising them (see chart).
The average refinancing rate fell one basis point to 4.8854 percent today. Refinance rates are different from mortgage rates. Most banks will charge more to a customer looking to refinance than they do for a purchase mortgage loan.
When someone refinances their home, the old mortgages are paid off and replaced with a new home loan. Many Americans are looking to replace their high interest adjustable rate mortgages (ARM) with new low interest fixed rate mortgages (FRM).
Citbank had a rate of 5.13% on their 30-year FRM. Their 15-year home loans were 4.53% and the 5/1 ARM rate was 3.30%.
PNC had a rate of 4.83% today. Their 15-year FRM was 4.08%.
Bank of America had a rate of 4.931% today. Their 5/1 ARM rate was 3.215%.
Finally, Chase lowered their rate two points to 4.94%. Their 15-year FRM was 4.15% and their 5-year ARM was 3.10%.
By Tina Brown
| REFINANCE RATES | ||||
| 3/17/2011 | Citibank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.13% | 4.83% | 4.931 | 4.94% |
| 15-Year Fixed | 4.53% | 4.08% | NA | 4.15% |
| 5-Year Adjustable | 3.30% | NA | 3.215 | 3.10% |