Current Mortgage Interest Rates: 30-Year Refinance Rates at Citi Mortgage for May 11

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Current Mortgage Interest Rates: 30-Year Refinance Rates at Citi Mortgage for May 11Citi Mortgage (NYSE:C), which is headquartered in O’Fallon, MO, updated its home purchase and refinance loan information for Monday, May 11 which is listed below. This financial institution provides 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 mortgage solutions at this lender.

Citi Mortgage Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.750%, 1.125 discount points, 3.941% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.125 discount points, 3.334% APR

Citi Mortgage Refinance Rates

30-Year Fixed-Rate Mortgage: 4.000%, 1.125 discount points, 4.178% APR
15-Year Fixed-Rate Mortgage: 3.375%, 0.750 discount points, 3.629% 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.

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Switching to mortgage application activity, the Mortgage Bankers Association (MBA) published the results of its latest weekly survey last Wednesday. 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 slipped 8%, according to the organization’s data. The Purchase Index advanced 2% in the said period. The refinance share of total mortgage applications declined to 53% from the previous 55%, according to the latest data.

On the other hand, the share of ARMs rose to 6.1%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 14.0% from the previous 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 hasn’t changed 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 climbed by 8 basis points to 3.93%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is hovering at 3.19%, an increase of 5 basis points, according to the MBA’s data.

Freddie Mac, which is based in McLean, VA, announced last week, that the average rate on the 30-year fixed mortgage soared to 3.80% from the former 3.68%. Meanwhile, the average rate on the shorter-term 15-year fixed mortgage ticked up to 3.02% last week. Previously this type of mortgage loan averaged a rate of 2.94%, according to Freddie Mac.

A different company, Bankrate also published its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage increased to 3.99% last week. The interest rate on the shorter-term, 15-year mortgage ticked up at 3.17%, according to the survey. The current rate on the 5/1 ARM moved higher in the company’s latest survey, this type of mortgage is now coming out at 3.19%.

For further 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 head over to the financial institution’s website.