Citi Mortgage (NYSE:C), which is headquartered in O’Fallon, MO, updated its home purchase and refinance loan information for Friday, March 27, which is discussed below. Citi Mortgage advertises attractive interest rates under both its home purchase and refinance loan programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some ideal mortgage solutions at this financial institution.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.875 discount points, 3.751% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.250 discount points, 3.226% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.750 discount points, 3.725% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.375 discount points, 3.343% APR
Please, bear in mind, that the current mortgage interest rates may vary without prior notice from the bank and are subject to change based on location, geography and other terms and conditions. The annual percentage rate calculations were made based on discount points, origination fees, average loan fees and closing costs.
As far as total mortgage application activity is concerned, the Mortgage Bankers Association (MBA) disclosed the results of its latest weekly survey this mid-week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, jumped 9.5% on a seasonally adjusted basis in the week ended March 20. Loan applications for mortgage refinancing climbed 12%, according to the organization’s data. The Purchase Index headed higher 5%. The refinance share of total mortgage applications advanced to 61% from the previous 59%, according to the MBA’s survey.
On the other hand, the share of ARMs escalated to 5.8%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications decreased to 13.3% from the previous 14.3% that it carried before. Now, the share of VA loan applications decreased to 10.1%, according to the weekly survey. The share of USDA mortgage applications slipped in the said period, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage headed lower by 9 basis points to 3.90%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.22%, a downtick of 6 basis points, according to the MBA’s data.
Virginia-based housing finance company, Freddie Mac announced on Thursday, that the average rate on the 30-year fixed mortgage moved lower to 3.69% from the former 3.78%. On the other hand, the average rate on the shorter-term 15-year fixed loan decreased to 2.97% this week. Previously this type of mortgage loan was hovering at a rate of 3.06%, according to Freddie Mac.
Consumer financial services company, Bankrate also released its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage dropped to 3.80% this week. The interest rate on the shorter-term, 15-year mortgage dropped by 11 basis points to 3.04%, according to the survey. The current rate on the 5/1 ARM moved lower in the company’s survey, this type of loan is now hovering at 3.14%.
For further details on the latest home purchase and refinance mortgage interest rates at Citi Mortgage, as well as information on borrowing terms and conditions and loan assumptions, please head over to the financial institution’s website.