American lender, Citi Mortgage (NYSE:C) updated its mortgage information for February 1, 2015, which is discussed below. Citi Mortgage provides 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 mortgage products at this loan originator.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.125 discount points, 3.477% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.250 discount points, 3.206% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.000 discount points, 3.788% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.125 discount points, 3.306% 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.
With regards to mortgage application activity, the Mortgage Bankers Association (MBA) released 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, edged down 3.2% on a seasonally adjusted basis in the week ended January 23. Loan applications for mortgage refinancing ticked down 5%, according to the organization’s data. The Purchase Index fell 0.1%. The refinance share of total mortgage applications decreased to 72% from 74%, according to the MBA’s survey.
On the other hand, the share of ARMs declined to 5.7%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 9.1% from the former 8.0% that it carried before. Now, the share of VA loan applications soared to 10.7%, according to the weekly survey. The share of USDA mortgage applications improved, these type of loans account for 0.7% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage moved up by 3 basis points to 3.83%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is hovering at 3.15%, an increase of 5 basis points, according to the MBA’s data.
Freddie Mac, which is based in McLean, VA, reported this week, that the interest rate on the 30-year fixed loan escalated to 3.66% from the previous 3.63%. In addition, the interest rate on the shorter-term 15-year fixed mortgage rose to 2.98% this week. Previously this type of mortgage loan averaged a rate of 2.93%, according to the firm.
A different company, Bankrate also disclosed its weekly mortgage survey, which revealed that the interest rate on the 30-year conventional loan decreased to 3.80% this week. The current rate on the 30-year loan is 1 basis point lower compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage sank by 5 basis points to 3.13%, according to the survey. The current rate on the 5/1 ARM remained firm in the company’s survey, this type of mortgage is now standing at 3.19%.
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 check the lender’s website.