Tensions have increased in Ukraine this week, which resulted in slump in the stock market, whilst bonds have rallied. Overall, mortgage interest rates headed lower today and some of the lenders’ updated rate sheets already reflect the changes. At major U.S. lender, Citi Mortgage (NYSE:C) 15-year home loans are published at a lower interest rate, according to the lender’s most up-to-date rate information. This type of mortgage loan is quoted at a rate of 3.250%, down from yesterday’s rate quote (3.375%). The 30-year FRM, which saw an improvement in interest rate a day earlier, has remained stable, as it’s coming out at 4.250%.
With regards to mortgage refinancing, the 30-year loan starts at a rate of 4.375% at this financial institution. The equally popular 15-year fixed rate refinance loan has a daily low at 3.375% on Thursday, March 13. For further information on current mortgage interest rates, discount points and annual percentage rates (APRs), please check the data 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 loans at this financial institution.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.250%, 0.750 discount points, 4.414% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.250 discount points, 3.605% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.375%, 1.000 discount points, 4.546% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.375 discount points, 3.721% 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.
U.S. mortgage application activity declined during the past week, according to the results of the Mortgage Bankers Association’s (MBA) most recent survey. The MBA reported on Wednesday that the seasonally adjusted Market Composite Index fell 2.1% in the week ended March 7. The Refinance Index decreased 3%, while the Purchase Index slipped 1%, in the said period. According to the survey, the share of applicants seeking to refinance their existing loans ticked up to 58%.
As for national average mortgage rates, Freddie Mac reported earlier today that the average rate on the 30-year fixed loan advanced to 4.37%. A week earlier this type of loan was carrying 4.28% in interest. With regards to the 15-year fixed loan, the average rate edged up this week, and now it hovers at 3.38%, the mortgage-finance company said in its weekly survey.
For additional details on Citi Mortgage’s home purchase and refinance mortgage interest rates, loan assumptions and borrowing terms and conditions, please see the lender’s website.