Interest rates on conventional home purchase and refinance loans remained firm at Citi Mortgage (NYSE:C) on Friday, May 9, according to our observations. With regards to the lender’s home purchase loans, the 30-year FRM is listed at a rate of 4.125%. Borrowers, who prefer shorter-term home mortgages, may want to consider Citi Mortgage’s 15-year fixed loan, as it has a competitive rate (3.250%) today.
Moving on to current home refinancing options, the long-term, 30-year home refinance loan is on the books at a rate of 4.125%. The lender hasn’t made any adjustments on the popular 15-year refinance loan, as it’s still offered at a rate of 3.250%. Further details on the above mentioned home purchase and refinance loans can be found 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 loan, may find some ideal mortgage deals at this financial institution.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.000 discount points, 4.309% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.125 discount points, 3.586% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.875 discount points, 4.369% APR
15-Year Fixed-Rate Mortgage: 3.250%, 2.000 discount points, 3.688% 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 activity decreased in the U.S., 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 advanced 5.3% in the week ended May 2. The Refinance Index climbed 2%, while the Purchase Index soared 9%, in the said period. According to the survey, the share of applicants seeking to refinance their existing loans dipped further to 49% from the previous 50%, the MBA announced.
As for national average mortgage rates, Freddie Mac reported on Thursday that the average rate on the 30-year fixed loan eased to 4.21%. A week earlier this type of loan was carrying 4.29% in interest. With regards to the 15-year fixed loan, the average rate slipped by 6 basis point to 3.32%, the mortgage-finance company disclosed in its weekly survey.
For more information on Citi Mortgage’s home purchase and refinance mortgage interest rates, loan assumptions and borrowing terms and conditions, please check the lender’s website.