Today’s Mortgage Rates: Current Refinance Rates and Home Loans at Citi Mortgage for June 4

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Today’s Mortgage Rates: Current Refinance Rates and Home Loans at Citi Mortgage for June 4American home loan provider, Citi Mortgage (NYSE:C) updated its mortgage information for June 4, 2015, which is discussed below. Citi Mortgage offers 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 options at this financial institution.

Citi Mortgage Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.875%, 1.125 discount points, 4.067% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.750 discount points, 3.405% 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.

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With regards to mortgage application activity, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, edged down 7.6% on a seasonally adjusted basis in the week ended May 29. Loan applications for mortgage refinancing decreased 12%, according to the organization’s data. The Purchase Index fell 3% in the said period. The refinance share of total mortgage applications fell to 49% from the previous 51%, according to the MBA’s survey.

On the other hand, the share of ARMs sank to 6.1% from 6.4% in the prior week. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications rose to 14.9% from the former 14.5% that it carried before. Now, the share of VA loan applications inched up at 12%, according to the weekly survey. The share of USDA mortgage applications soared in the said period, these type of loans account for 1.0% of all mortgage applications.

The average contract interest rate on the 30-year fixed mortgage dipped by 5 basis points to 4.02%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is hovering at 3.27%, a downtick of 2 basis points, according to the MBA’s survey.

Mortgage-buyer, Freddie Mac said this week, that the average rate on the 30-year fixed loan remained intact at 3.87%. Meanwhile, the average rate on the shorter-term 15-year fixed loan edged down to 3.08% this week. Previously this type of mortgage loan was hovering at a rate of 3.11%, according to the firm.

Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage headed higher to 4.03% during the week. The interest rate on the shorter-term, 15-year mortgage ticked up at 3.26%, according to the survey. The current rate on the 5/1 adjustable rate mortgage ticked up in Bankrate’s latest survey, this type of mortgage is now standing at 3.18%.

For further 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 loan originator’s website.