Citi Mortgage (NYSE:C), which is headquartered in O’Fallon, MO, updated its home purchase and refinance loan information for Thursday, June 11, which is discussed below. This lender advertises excellent interest 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 loan packages at this lender.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.875%, 1.250 discount points, 4.078% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.875 discount points, 3.423% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 0.875 discount points, 4.282% APR
15-Year Fixed-Rate Mortgage: 3.375%, 0.875 discount points, 3.647% 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 separate note, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, soared 8.4% on a seasonally adjusted basis in the week ended June 5. Loan applications for mortgage refinancing advanced 7%, according to the organization’s data. The Purchase Index moved up 10% in the said period. The refinance share of total mortgage applications remained intact at 49%, according to the MBA’s survey.
On the other hand, the share of ARMs edged up to 6.3%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications sank to 14.3% from the former 14.9% that it carried before. Now, the share of VA loan applications dipped to 11.5% from 12.0%, according to the weekly survey. The share of USDA mortgage applications advanced in the said period, these type of loans account for 1.1% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage soared by 15 basis points to 4.17%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.37%, an uptick of 10 basis points, according to the MBA’s data.
Mortgage-finance company, Freddie Mac said this week, that the average rate on the 30-year fixed loan jumped to 4.04% from the former 3.87%. On the other hand, the average rate on the shorter-term 15-year fixed loan drifted higher to 3.25% this week. Previously this type of mortgage loan averaged a rate of 3.08%, according to the firm.
Consumer financial services company, Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan increased to 4.15% during the week. The interest rate on the shorter-term, 15-year mortgage rose at 3.39%, according to the survey. The interest rate on the 5/1 ARM soared in the company’s latest survey, this type of loan is now coming out at 3.24%.
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 check the loan originator’s website.