Back on Tuesday, we saw that the interest rate on Citi Mortgage’s (NYSE:C) 30-year fixed refinance loan improved to 4.000%. It seems that this lower borrowing cost hasn’t evaporated a day later, as the lender still offers the the aforementioned loan at the same rate level. Another conventional refinance loan, which has retained its interest rate today is the 15-year FRM. Currently, this type of mortgage loan is advertised at a rate of 3.375%.
The lender also provides home purchase loan packages for borrowers, including the long-term, 30-year mortgage loan, which features a fixed interest rate during the loan’s term. On Wednesday, this home loan is published at a rate of 4.000%. Mortgage shoppers, who favor the shorter-term, 15-year FRM, can expect to pay 3.125% interest cost. Check the details below for additional information on the lender’s 30-year and 15-year fixed mortgage loans.
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 loan, may find some suitable mortgage packages at this loan originator.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.625 discount points, 4.237% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.250 discount points, 3.478% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 2.500 discount points, 4.296% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.000 discount points, 3.666% 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 rose 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 increased 1.9% in the week ended July 4. The Refinance Index climbed 0.4%, while the Purchase Index surged 3.7%, in the said period. According to the survey, the share of applicants seeking to refinance their existing loans dropped to 52% from the previous 53%, 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 4.12%. A week earlier this type of loan was carrying 4.14% in interest. With regards to the 15-year fixed loan, the average rate came in at 3.22%, unchanged since the previous week’s 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 take a look at the lender’s website.