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Digital News Report – Refinance rates were mixed today with Citibank and Bank of America raising them and PNC and Chase lowering them (see chart).
The average 30-year fixed rate mortgage (FRM) for refinance increased one basis point to 5.0396%. Refinancing rates are sometimes different than purchase mortgage rates. In some cases banks will charge more for refinancing.
Citibank had a rate of 5.29% today. Their 15-year FRM was 4.81% and their 5/1 adjustable rate mortgage (ARM) was 3.46%.
PNC had a refinance rate of 4.96%. Their 15-year FRM was 4.33%.
The final interest rate will depend on the credit score of the borrower, the loan amount and the location of the loan. People with poor and bad credit scores will pay more in interest. These rates are base-rates for borrowers with an excellent credit history.
Bank of America had a refinance home loan rate of 5.032%. Their 5-year adjustable rate mortgage was 3.272%.
Chase Bank offers a wide range of mortgage loan products. Their 30-year FRM was 5.07%. See the chart below for details.
By Tina Brown
| REFINANCE RATES | ||||
| 4/5/2011 | Citibank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.29% | 4.96% | 5.032 | 5.07% |
| 15-Year Fixed | 4.81% | 4.33% | NA | 4.25% |
| 5-Year Adjustable | 3.46% | NA | 3.272 | 3.20% |