On Friday, interest rates on most mortgage loans remained unchanged at Citi Mortgage (NYSE:C), except the 15-year fixed refinance mortgage, which currently carries a slightly higher rate. According to the latest data from the lender, the starting rate on the aforementioned loan climbed from 3.375% to 3.500% on Friday. Borrowers, who are more interested in the longer-term, 30-year fixed refinance loan, will see it being published at a rate of 4.375%.
Looking at current home loan offerings at this financial institution, the 30-year home mortgage is coming out at a rate of 4.250%, the same interest rate that we spotted a day earlier. The rate is also holding steady on the 15-year home purchase loan, as it’s published at 3.250%. Details on the above mentioned loans’ discount points and annual percentage rates (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 mortgage, may find some suitable loans at this financial institution.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.250%, 1.000 discount points, 4.436% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.500 discount points, 3.642% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.375%, 1.250 discount points, 4.567% APR
15-Year Fixed-Rate Mortgage: 3.500%, 0.750 discount points, 3.755% 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.
U.S. mortgage application activity declined during the past week, according to the results of the Mortgage Bankers Association’s (MBA) most recent survey. The MBA reported on Wednesday that the seasonally adjusted Market Composite Index fell 2.1% in the week ended March 7. The Refinance Index decreased 3%, while the Purchase Index slipped 1%, in the said period. According to the survey, the share of applicants seeking to refinance their existing loans ticked up to 58%.
As for national average mortgage rates, Freddie Mac reported earlier today that the average rate on the 30-year fixed loan advanced to 4.37%. A week earlier this type of loan was carrying 4.28% in interest. With regards to the 15-year fixed loan, the average rate edged up this week, and now it hovers at 3.38%, the mortgage-finance company said in its weekly survey.
For additional details on Citi Mortgage’s home purchase and refinance mortgage interest rates, loan assumptions and borrowing terms and conditions, please check the lender’s website.