Bank Mortgage Rates Today – Citibank Raises Rates while Bank of America and Chase Lower Them

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(Best Syndication News) Average home loan rates were mixed today with 30-year fixed mortgages lower and 15-year and adjustable rate mortgages higher (see rate comparison chart below).

30-Year Fixed Mortgage Rates

The average 30-year fixed rate mortgage (FRM) fell less than one basis point to 5.109 percent. Over the last week the rate is still higher.

Citibank raised their rate 14 basis points to 5.36 percent today.

Chase Bank lowered their rate ten basis points to 5.10 percent. The bank also offers loans for 20-year terms. Those fixed rates fell ten basis points to 4.99 percent.

Bank of America lowered their rate one point to 5.15 percent.

Refinance Rate Compared to Purchase Loans

We compared purchase loan rates to refinance rates (see the special comparison chart below). Our analysis found that people looking to refinance will pay lower interest rates from some lenders.

BofA charged slightly less for their refinance mortgages while Citibank charged the exact same rate.

Chase charged 3.28% for their 5-year adjustable rate mortgages (ARM). The same product for refinancing was four basis points lower.

Other banks, like HSBC, charge the exact same rate for refinancing.

Jumbo Mortgages

The average 30-year fixed jumbo loan rate advanced one basis point to 5.502 percent.

Jumbo loans exceed the amount allowed by Fannie Mae and are thus more risky. Banks typically charge more for these loans.

The average 15-year jumbo mortgage rate fell less than one point to 4.652 percent.

By: John Waters
Business Reporter

Click here for Mortgage Rates Today

Refinance rate comparison:

Refinancing Purchase Bank of America Point Difference
5.000 5.034 30-Year Fixed Rate 3
3.375 3.442 5-Year ARM 7

Chase Bank

5.07% 5.10% 30-yr fixed 4
4.27% 4.34% 15-yr fixed 7
3.51% 3.55% 7/1 ARM 4
3.24% 3.28% 5/1 ARM 4

Citibank

5.36% 5.36% 30 Year Fixed 0
4.67% 4.67% 15 Year Fixed 0
3.46% 3.46% 5/1 Libor ARM 0

PNC

5.01% 5.02% 30 Year Fixed 1
5.01% 5.03% 20 Year Fixed 2
4.34% 4.37% 15 Year Fixed 2
4.14% 4.18% 10 Year Fixed 3

Current Mortgage Rates:

Best Syndication News Mortgage Survey
Monday 1 Day 5 Day 30 Day 100-Day 1 Week
04/11/11 Overall Average APR* Point Ch. Point Ch. Point Ch. Point Ch. Average
5.109% Average 30 yr fixed 0 7 -2 53 5.08%
4.388% Average 15 year FRM 2 4 -12 36 4.37%
3.454% Average 5/1 ARM 12 11 8 22 3.35%
5.502% 30 Yr Fixed Jumbo 1 6 2 43 5.47%
4.652% 15 Yr Fixed Jumbo 0 2 7 44 4.65%
4/11/11 Citi Financial 1 Day 5 Day 30 Day 100-Day 1 Week
5.36% 30 Year Fixed 14 15 17 73 5.25%
4.67% 15 Year Fixed 23 -3 5 43 4.71%
3.46% 5/1 Libor ARM 13 0 4 11 3.44%
04/11/11 Chase 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.10% 30-Year Fixed Rate -10 -8 -9 40 5.21%
4.99% 20-Year Fixed Rate -10 0 -1 28 5.07%
4.34% 15-Year Fixed Rate -1 -1 -7 24 4.37%
3.55% 7/1 ARM -4 1 -10 0 3.57%
3.28% 5/1 ARM -1 0 -3 -4 3.29%
04/11/11 Bank of America 1 Day Pt 5 Day Pt 30 Day Pt 100-Day 1-wk Avg
5.15% 30-Year Fixed Rate -1 12 14 74 5.08%
4.45% 15-Year Fixed-Rate 0 1 1 54 4.43%
3.36% 5/1 ARM Rate -1 0 1 20 3.38%
Certain Areas
5.034 30-Year Fixed Rate -8 5 5 63 5.03%
4.411 15-Year Fixed Rate -3 -2 -2 50 4.43%
3.442 7/1 ARM 0 0 0 0 3.44%
3.227 5/1 ARM -14 -13 -12 7 3.35%
* Average includes more banks than listed
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