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Wednesday, March 7, 2012

Refinance Rates Chase, Bank of America and Citibank March 7, 2012

Refinance Rates Chase, Bank of America and Citibank March 7, 2012 ; Refinance rates remained firm coming to the mid-week, with some US lenders even lowered the rates on the most popular long-term packages. This is the 13th consecutive week now, that the interest rate on the 30-year FRM is holding below 4 percent.

On the other hand, mortgage applications last week decreased 1.2% compared to a week earlier, the Mortgage Bankers Association said on Wednesday. According to MBA’s weekly survey refinancing fell 2%, while purchase activity increased 2.1% on a seasonally adjusted basis.

Though, refinancing activity seems to be slipping in the recent weeks across the US, there are still attractive deals out there, being offered by various lenders.

Those who still consider refinancing an existing loan, may find their perfect solution at Chase (NYSE:JPM), as the 30-year FRM is being offered at a rate of 4.000% and has an APR of 4.083%. The shorter, 15-year version of this loan can be obtained for as low as 3.250% and an annual percentage rate of 3.395%.

More flexible loans, namely the adjustable rate mortgages, looks attractive as well, with the 7/1 ARM still holding a rate of 2.625% and an APR variable of 3.070%. The 5-year ARM option can be locked in and taken home at a rate of 2.250% which carries an APR of 3.027%.

Good news for those, whose preferred lender is Bank of America (NYSE:BAC), as the interest rate for the 30-year fixed rate mortgage has been lowered now. The said loan is available today for as low as 4.125% with an APR amounting to 4.288%. On the other hand, borrowers can take advantage of the current run of low interest rates regarding the 15-year fixed rate deal, as it holds a rate of 3.500% and an APR of 3.728%.

The rate on the 7-year ARM package at Bank of America didn’t have much movement since yesterday and the said loan is up for grabs at a rate of 3.125% and comes with an APR of 3.394%. In case of the 5-year ARM alternative, interested borrowers can pick it up for as low as 2.750% and an APR variable of 3.311%.

Refinance interest rates at Citibank (NYSE:C) generally remained unchanged since yesterday. The 30-year FRM can be secured at a rate of 4.125% and an APR variable of 4.430%, while the shorter 15-year fixed solution is up for grabs at a rate of 3.375% and holds an APR of 3.978%.

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