Missouri-based lender, Citi Mortgage (NYSE:C) updated its mortgage loan information for Tuesday, December 30. Updated data on Citi Mortgage’s current mortgage interest rates and APRs can be found below. The 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 suitable mortgages at this lender.
Citi Mortgage Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.500 discount points, 3.846% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.125 discount points, 3.334% APR
Citi Mortgage Refinance Rates
30-Year Fixed-Rate Mortgage: 3.625%, 2.000 discount points, 3.872% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.000 discount points, 3.414% 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.
As far as total mortgage application activity is concerned, the Mortgage Bankers Association (MBA) released the results of its weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, soared 0.9% on a seasonally adjusted basis in the week ended December 19. Loan applications for mortgage refinancing escalated 1%, according to the organization’s data. Similarly, the Purchase Index grew 1%. The refinance share of total mortgage applications climbed to 67%, according to the MBA’s survey.
On the other hand, the share of ARMs ticked up to 6.5% from the previous 6.2%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications declined to 8.6% from the former 8.7% that it carried before. Now, the share of VA loan applications plummeted to 10.3%, according to the weekly survey. The share of USDA mortgage applications remained unchanged last week, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage declined by 4 basis points to 4.02%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.29%, an improvement of 4 basis points, according to the MBA’s data.
Freddie Mac, which is based in McLean, VA, said on Wednesday, that the average rate on the 30-year fixed loan edged up to 3.83% from the previous 3.80%. In addition, the average rate on the shorter-term 15-year fixed mortgage escalated to 3.10% last week. A week earlier this type of mortgage loan was hovering at a rate of 3.09%, according to the organization.
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 head over to the bank’s website.