Citi Mortgage (NYSE:C), which is headquartered in O’Fallon, MO, updated its home purchase and refinance loan information for Tuesday, February 10, which is listed below. The loan originator offers attractive 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 mortgage, may find some ideal loan options at this lender.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.625 discount points, 3.899% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.000 discount points, 3.315% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.875 discount points, 4.030% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.875 discount points, 3.521% 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.
Looking at national mortgage news, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, soared 1.3% on a seasonally adjusted basis in the week ended January 30. Loan applications for mortgage refinancing improved 3%, according to the organization’s data. The Purchase Index dipped 2%. The refinance share of total mortgage applications sank to 71% from 72%, according to the MBA’s survey.
On the other hand, the share of ARMs dropped to 5.3%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 13.1% from the former 9.1% that it carried before. Now, the share of VA loan applications slipped to 8.5%, according to the weekly survey. The share of USDA mortgage applications fell, these type of loans account for 0.6% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage headed higher by 4 basis points to 3.79%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.14%, a decrease of 1 basis point, according to the MBA’s data.
Mortgage-buyer, Freddie Mac announced on Thursday, that the average rate on the 30-year fixed mortgage decreased to 3.59% from the previous 3.66%. On the other hand, the interest rate on the shorter-term 15-year fixed loan declined to 2.92% last week. Previously this type of mortgage loan was hovering at a rate of 2.98%, according to Freddie Mac.
Bankrate also disclosed its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan remained unchanged at 3.80% last week. The interest rate on the shorter-term, 15-year mortgage improved by 1 basis point to 3.12%, according to the survey. The current rate on the 5/1 ARM advanced in Bankrate’s survey, this type of mortgage is now standing at 3.20%.
For more 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 bank’s website.