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Digital News Report – Refinance rates were lower today, dropping four basis points to 4.7935 (see chart).
Refinance rates are usually lower than purchase mortgage rates. The rate depends on the location of the home, the credit score of the borrower and the loan amount.
Citibank had a 30-year fixed rate mortgage for 5.11%. Their 15-year fixed mortgage rate was 4.49% and their 5/1 adjustable rate mortgage (ARM) was 3.31%.
Last week mortgage applications were higher. This week the Mortgage Bankers Association (MBA) reports that purchase mortgages fell. The MBA says that their refinance index decreased 0.6 percent from the previous week.
PNC reports that their 30-year fixed mortgage rate fell to 4.84%. Their 15-year refinance rate fell to 4.06%.
Bank of America had a rate of 4.934% today. Their 15-year financing was 4.295%.
Finally, Chase reported that their 30-year fixed refinance rate was 4.87%. Their 15-year rate was an even four percent and their 5-year ARM rate was 3.10%.
By Tina Brown
| REFINANCE RATES | ||||
| 4/28/2011 | Citibank | PNC | Bank of America | Chase Bank |
| 30-Year Fixed | 5.11% | 4.84% | 4.934% | 4.87% |
| 15-Year Fixed | 4.49% | 4.06% | 4.295% | 4.00% |
| 5-Year Adjustable | 3.31% | NA | 3.170% | 3.10% |