Mortgage Rates Today: Citibank Deals Still Excellent Value

October 04, 2011 / Russell Legato, Residential Property Analyst

There is much speculation today as to how low mortgage rates can possibly go given their recent rally of reductions and declines, but the one thing that is certain is the fact that those who take out a deal from Citibank (NYSE:C) today are assured an excellent package and the potential to save a small fortune.

Mortgage Rates Today: Citibank Deals Still Excellent Value

For those interested in making a new purchase at the current low rates, Citibank is today offering 30 year fixed rate mortgages with an attractive interest rate of 3.875% which amounts to an APR of 4.172%, while the always popular 15 year fixed rate alternative is now being advertised for 3.250% with an APR of 3.806%

Needless to say, there has also never been a better time to look into a refinancing deal, with 30 year fixed term for refinances now being offered for a low rate of 3.875% yielding an APR of 4.172%, while the 15 year fixed alternative could offer even greater savings with a rate of 3.250% and an APR of 3.806%.

The incredibly low rates at Citibank and other have resulted in a surge in the level of refinance applications of over 11%during the last week alone, bringing back memories of the mid-stages of the year when a surge of over 80% completely overwhelmed many major US lenders.

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