Top U.S. mortgage loan provider, Citi Mortgage (NYSE:C) disclosed the updated mortgage information for its conventional loans on Wednesday, January 14. Updated details on 30-year and 15-year home mortgage loans, discount points and annual percentage rates (APRs) are listed below. The lender advertises attractive mortgage 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 loan packages at this financial institution.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.375 discount points, 3.709% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.500 discount points, 3.242% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.125 discount points, 3.799% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.250 discount points, 3.324% 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.
On a different note, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey this Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, increased 49.1% on a seasonally adjusted basis in the week ended January 9. Loan applications for mortgage refinancing improved 66%, according to the organization’s data. Similarly, the Purchase Index climbed 24%. The refinance share of total mortgage applications climbed to 71%, according to the latest data.
On the other hand, the share of ARMs surged to 5.9%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications tumbled to 7.5% from the former 9.3% that it carried before. Now, the share of VA loan applications dipped to 9.7%, according to the weekly survey. The share of USDA mortgage applications fell, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage improved by 12 basis points to 3.89%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.16%, an improvement of 8 basis points, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, reported last week, that the interest rate on the 30-year fixed mortgage decreased to 3.73% from the previous 3.87%. In addition, the average rate on the shorter-term 15-year fixed loan dipped to 3.05% last week. Previously this type of mortgage loan averaged a rate of 3.15%, according to Freddie Mac.
Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage slipped to 3.85% last week. Now, the rate on the 30-year loan is 14 basis points lower compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage moved down by 11 basis points to 3.16%, according to the survey. The interest rate on the 5/1 adjustable rate mortgage also headed lower in the company’s survey, this type of mortgage is now coming out 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 visit the bank’s website.