30-Year Mortgage Rates: Conventional Home Loans and Refinance Rates at Citi Mortgage for February 27

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Citi Mortgage RatesO’Fallon, MO-based financial institution, Citi Mortgage (NYSE:C) revised its home purchase and refinance loan information for Friday, February 27. Updated details on Citi Mortgage’s latest mortgage interest rates and APRs can be found below. Citi Mortgage offers excellent 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 loans at this lender.

Citi Mortgage Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.625%, 0.875 discount points, 3.794% 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%, 1.125 discount points, 3.925% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.125 discount points, 3.432% 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.

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With regards to mortgage application activity, the Mortgage Bankers Association (MBA) disclosed the results of its latest weekly survey last Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, plunged 13.2% on a seasonally adjusted basis in the week ended February 13. Loan applications for mortgage refinancing dropped 16%, according to the organization’s data. The Purchase Index sank 7%. The refinance share of total mortgage applications dipped to 66% from 69%, according to the MBA’s survey.

On the other hand, the share of ARMs fell to 5.3%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 15.2% from the former 14.1% that it carried before. Now, the share of VA loan applications slipped to 8%, according to the weekly survey. The share of USDA mortgage applications rose, these type of loans account for 0.9% of all mortgage applications.

The average contract interest rate on the 30-year fixed mortgage moved up by 9 basis points to 3.93%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.24%, an increase of 9 basis point, according to the MBA’s survey.

Switching to mortgage application activity, the Mortgage Bankers Association (MBA) disclosed the results of its latest weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, dropped 3.5% on a seasonally adjusted basis in the week ended February 20. Loan applications for mortgage refinancing dropped 8%, according to the organization’s data. The Purchase Index improved 5%. The refinance share of total mortgage applications decreased to 62% from 66%, according to the MBA’s survey.

On the other hand, the share of ARMs decreased to 5.2%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications grew to 15.3% from the former 15.2% that it carried before. Now, the share of VA loan applications ticked up to 9.6%, according to the weekly survey. The share of USDA mortgage applications remained unchanged last week, these type of loans account for 0.9% of all mortgage applications.

The average contract interest rate on the 30-year fixed mortgage moved up by 6 basis points to 3.99%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.28%, an increase of 4 basis point, according to the MBA’s data.

Freddie Mac, which is based in McLean, VA, reported on Thursday, that the average rate on the 30-year fixed loan increased to 3.8% from the previous 3.76%. In addition, the average rate on the shorter-term 15-year fixed loan rose to 3.07% this week. Previously this type of mortgage loan averaged a rate of 3.05%, according to Freddie Mac.

Bankrate also published its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage slipped to 3.9% this week. The interest rate on the shorter-term, 15-year mortgage dropped by 6 basis point to 3.15%, according to the survey. The current rate on the 5/1 adjustable rate mortgage dipped in Bankrate’s survey, this type of loan is now hovering at 3.22%.