Mortgage rates barely changed at U.S. lender, Citi Mortgage (NYSE:C) on Tuesday, April 1. On the other hand, we should note that the lender raised discount points and annual percentage rates (APRs) on 30-year and 15-year mortgage loans. Under its home loan program, Citi Mortgage advertises the standard 30-year conventional home mortgage at a rate of 4.375%. Qualified borrowers may be able to lock the shorter-term, 15-year fixed home purchase loan at rate of 3.375%.
According to today’s updated mortgage information from the lender, the 30-year refinance loan, which features a fixed interest rate during its term, is on the books at 4.500%. Those favoring the 15-year mortgage loan for home refinancing, will see it being offered at a rate of 3.500% at this loan originator. Further details on today’s mortgage rates, as well as information on the changes that affected discount points and APRs can be found below.
Citi Mortgage offers excellent mortgage rates under both its home purchase and refinance 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 deals at this lender.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.375%, 1.125 discount points, 4.573% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.375 discount points, 3.750% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.500%, 1.250 discount points, 4.694% APR
15-Year Fixed-Rate Mortgage: 3.500%, 1.500 discount points, 3.866% 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 activity fell in the U.S., according to the results of the Mortgage Bankers Association’s (MBA) most recent survey. The MBA reported last week that the seasonally adjusted Market Composite Index tumbled 3.5% in the week ended March 21. The Refinance Index dipped 7.7%, while the Purchase Index rose 2.8%, in the said period. According to the survey, the share of applicants seeking to refinance their existing loans fell to 53% from the previous 57%, the MBA reported.
As for national average mortgage rates, Freddie Mac reported last Thursday that the average rate on the 30-year fixed loan rose to 4.40%. A week earlier this type of loan was carrying 4.32% in interest. With regards to the 15-year fixed loan, the average rate climbed last week, and now it hovers at 3.42%, the mortgage-finance company disclosed in its weekly survey.
For further details on Citi Mortgage’s home purchase and refinance mortgage interest rates, loan assumptions and borrowing terms and conditions, please head over to the financial institution’s website.