Major U.S. lender, Citi Mortgage (NYSE:C) disclosed the updated mortgage information for its conventional loans on Sunday, October 12. The latest data on 30-year and 15-year home mortgage loans, discount points and annual percentage rates (APRs) are discussed below.
Citi Mortgage provides attractive mortgage 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 loans at this lender.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.875%, 1.375 discount points, 4.089% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.125 discount points, 3.460% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.625 discount points, 4.220% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.625 discount points, 3.632% 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.
Mortgage application volume declined in the U.S., according to the results of the Mortgage Bankers Association’s (MBA) most recent survey released on Wednesday. The MBA reported that the seasonally adjusted Market Composite Index fell 7.2% in the week ended September 5. The Refinance Index plummeted 11%, while the Purchase Index decreased 3%, in the said period. According to the survey, the share of applicants seeking to refinance their existing loans dropped to 55% from the former 57%, that it had in the prior week.
As for national average mortgage rates, Freddie Mac reported this week that the average rate on the 30-year fixed loan climbed by 2 basis points to 4.12% from the previous 4.10% that it carried a week earlier. With regards to the 15-year fixed loan, the average rate rose to 3.26% from 3.24%, the mortgage-finance company disclosed in its weekly survey.
For additional 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 take a visit to the bank’s website.