U.S. home loan provider, Citi Mortgage (NYSE:C) updated its mortgage information for Saturday, May 9, which is discussed below. Citi Mortgage offers excellent 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 mortgage, may find some ideal loans at this lender.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.125 discount points, 3.815% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.250 discount points, 3.226% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.875 discount points, 4.030% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.250 discount points, 3.450% 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.
In other mortgage-related news, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, edged down 4.6% on a seasonally adjusted basis in the week ended May 1. Loan applications for mortgage refinancing decreased 8%, according to the organization’s data. The Purchase Index soared 2% in the said period. The refinance share of total mortgage applications ticked down to 53% from the previous 55%, according to the latest data.
On the other hand, the share of ARMs increased to 6.1%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 14.0% from the former 13.7% that it carried before. Now, the share of VA loan applications soared to 11.9%, according to the weekly survey. The share of USDA mortgage applications remained steady in the said period, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage headed higher by 8 basis points to 3.93%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.19%, an uptick of 5 basis points, according to the MBA’s survey.
Mortgage-buyer, Freddie Mac reported on Thursday, that the interest rate on the 30-year fixed mortgage rose to 3.80% from the former 3.68%. On the other hand, the average rate on the shorter-term 15-year fixed mortgage drifted higher to 3.02% this week. A week earlier this type of mortgage loan averaged a rate of 2.94%, according to Freddie Mac.
Bankrate also published its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage headed higher to 3.99% this week. The interest rate on the shorter-term, 15-year mortgage ticked up at 3.17%, according to the survey. The interest rate on the 5/1 ARM drifted higher in Bankrate’s latest survey, this type of loan is now hovering at 3.19%.
For additional 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.