Lenders Offering Ultra-Low Refinance Rates
Several of the nation’s largest lenders have lowered their interest rates, lowering the cost of refinance loans for homeowners across the nation. Citibank, Bank of America, and Chase have all dropped rates since Freddie Mac’s last report on rates, released last Wednesday, with the average rate for a 30 year fixed-rate dropping 9 points to 4.915 percent. Many lenders offer different rates for refinance loans than for a purchase loan.
Home lending has dropped over the last two months, with housing loans down 1.1 percent in November on a seasonally adjusted annual basis. Citibank is offering 30 year fixed-rate refinance loans at a rate of 5.06 percent, and the rate on its 15 year loans is 4.62 percent. The bank’s 5 year adjustable-rate mortgage (ARM), meanwhile, is carries interest rates starting from 3.43 percent.
PNC is offering 30 year refinance loans for 4.99 percent and 15 year refis for 4.48 percent. Bank of America, meanwhile, is currently offering a 30 year fixed refi loan at a rate of 4.892 percent, and is offering a 5 year ARM for as low as 3.27 percent.