Major U.S. lender, Citi Mortgage (NYSE:C) disclosed the updated mortgage information for its conventional loans on Monday, January 26. Current details on 30-year and 15-year fixed rate loans, discount points and annual percentage rates (APRs) are discussed below. The loan originator provides 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 mortgage, may find some ideal loans at this financial institution.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.625 discount points, 3.730% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.750 discount points, 3.279% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 3.500%, 2.125 discount points, 3.756% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.250 discount points, 3.324% 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.
On a different note, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey back on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, edged up 14.2% on a seasonally adjusted basis in the week ended January 16. Loan applications for mortgage refinancing improved 22%, according to the organization’s data. The Purchase Index fell 3%. The refinance share of total mortgage applications increased to 74%, according to the MBA’s survey.
On the other hand, the share of ARMs surged to 6.4%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 8.0% from the former 7.5% that it carried before. Now, the share of VA loan applications dipped to 9.4%, according to the weekly survey. The share of USDA mortgage applications sank, these type of loans account for 0.6% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage improved by 9 basis points to 3.80%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.10%, an improvement of 6 basis points, according to the MBA’s data.
Freddie Mac, which is based in McLean, VA, reported last Thursday, that the interest rate on the 30-year fixed loan improved to 3.63% from the former 3.66%. In addition, the interest rate on the shorter-term 15-year fixed loan fell to 2.93% last week. Previously this type of mortgage loan averaged a rate of 2.98%, according to the organization.
Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan climbed to 3.81% last week. Now, the rate on the 30-year loan is 1 basis point higher compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage increased by 7 basis points to 3.18%, according to the the latest data. The current rate on the 5/1 ARM also headed higher in the company’s survey, this type of mortgage is now coming out at 3.19%.
For more 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 visit the bank’s website.