On Wednesday, mortgage rates look mixed at U.S. financial institution, Citi Mortgage (NYSE:C), according to our observations. While yesterday interest rates edged up on 30-year and 15-year conventional loans at this lender, today the overall picture isn’t that clear.
Starting with the lender’s fixed home purchase loans, the 30-fixed mortgage now carries a rate of 4.000%, the latest mortgage information showed. We haven’t noticed any changes on the 15-year fixed conventional mortgage, as this shorter-term loan package is still advertised at a rate of 3.125%. Switching to Citi Mortgage’s current refinance rates, the 30-year fixed loan is published at a rate of 4.000%, down compared to Tuesday’s rate level (4.125%). On the other hand, the popular 15-year refinance loan comes with a higher interest rate this Wednesday, in the form of 3.375%. This is a significant rate increase (0.250%) compared to the former 3.125% that it held a day earlier. Further information on Citi Mortgage’s latest mortgage rates, discount points and APRs can be found below.
Citi Mortgage offers excellent mortgage rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some suitable loan products at this financial institution.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.500 discount points, 4.226% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.125 discount points, 3.460% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 2.375 discount points, 4.285% APR
15-Year Fixed-Rate Mortgage: 3.375%, 0.875 discount points, 3.647% 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.
Mortgage application volume fell in the U.S., according to the results of the Mortgage Bankers Association’s (MBA) most recent survey released on Wednesday. The MBA reported that the seasonally adjusted Market Composite Index dropped 0.2% in the week ended June 27. The Refinance Index rose 0.1%, while the Purchase Index tumbled 1%, in the said period. According to the survey, the share of applicants seeking to refinance their existing loans climbed to 53% from the previous 52%, that it held in the prior week.
As for national average mortgage rates, Freddie Mac reported last week that the average rate on the 30-year fixed loan headed lower to 4.14%. A week earlier this type of loan was carrying 4.17% in interest. With regards to the 15-year fixed loan, the average rate came in at 3.22%, an improvement of 8 basis points compared to the previous data, the mortgage-finance company reported in its weekly survey.
For further information on Citi Mortgage’s home purchase and refinance mortgage interest rates, loan assumptions and borrowing terms and conditions, please see the lender’s website.