Major U.S. financial institution, Citi Mortgage (NYSE:C) disclosed the updated mortgage information for its conventional loans on Monday, August 25. Details on 30-year and 15-year fixed rate loans, discount points and corresponding annual percentage rates (APRs) are listed 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 loan, may find some suitable mortgage products at this lender.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.250 discount points, 4.205% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.125 discount points, 3.460% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.000 discount points, 4.293% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.625 discount points, 3.632% 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 declined in the U.S., according to the results of the Mortgage Bankers Association’s (MBA) most recent survey released last week. The MBA reported that the seasonally adjusted Market Composite Index ticked up on 2.7% in the week ended August 8. The Refinance Index decreased 4%, while the Purchase Index ticked down 1%, in the said period. According to the survey, the share of applicants seeking to refinance their existing loans tumbled to 54% from the former 55%, that it had 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 eased to 4.12%. A week earlier this type of loan was carrying a rate of 4.14%. With regards to the 15-year fixed loan, the average rate dropped to 3.24% from 3.27%, the mortgage-finance company disclosed in its weekly survey.
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 take a visit to the financial institution’s website.