CitiMortgage Slashes Interest Rates on Jumbo Mortgages

CitiMortgage Slashes Interest Rates on Jumbo Mortgages – As of today, Citi will offer 30-year fixed-rate jumbo mortgages at 5.625%. It will also offer five-year adjustable-rate mortgages at 4.875%. Recent jumbo rates regularly top 6 %. SelectCDrates.com the leading industry tool to help.

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The firm is making nationwide cuts after higher interest rates have slowed down its new loans and refinancing business. "In response to decreased demand for mortgage originations and refinancing,

Citimortgage Negotiate the Best Rates and Fees From Citimortgage Use annual percentage rate APR, which includes fees and costs, to compare rates across lenders.Rates and APR below may include up to .50 in discount points as an upfront cost to borrowers. Select product to see detail. Use our Compare home mortgage loans calculator for rates customized to your specific home financing need.

CitiBank & CitiMortgage: Current Interest Rates, Credit Cards, Home Loans & Ratings Go to Bank Website Citibank was founded in 1812 in New York City, and it is currently Citigroup’s consumer banking division.

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It wraps all the loans for the repairs and renovations into the home loan and typically offers a lower rate than a personal loan. Homeowners with jumbo loans. and likely have a lower interest rate.

REFINANCING COSTS. The easiest way to calculate the interest savings is to take the mortgage amount and multiply it by the difference between the interest rates e.g. $1,000,000 X (2.625% – 2.25%) = $3,750. Now take the cost of refinance and divide it by the interest savings to calculate a truer break even number.

Record-low mortgage interest rates are expected to continue through most of 2013 as the Fed stick to its commitment to revitalize the economy, and the jumbo loan origination market will benefit.

The 30-year fixed rate for a jumbo mortgage averaged 4.15 percent for the past 52 weeks, the exact same rate as the 30-year fixed rate for a conforming mortgage, according to Bankrate’s weekly.

Fed Publishes Wave of Rules for Mortgage Origination Transparency CFPB Considers Rules to Simplify Mortgage Points and Fees. Ban Origination Charges that Vary with the Size of the Loan: Brokerage firms and creditors would no longer be allowed to charge origination fees that vary with the size of the loan. These "origination points" are easily confused with discount points.

Citi mortgage offers adjustable rate mortgages, known as ARMs, which help borrowers get the lowest possible rate. In exchange for their low initial interest rates, though, they have a provision which allows their rates to fluctuate in the future.

Those declines were specifically in the jumbo loan market. and are 24 percent higher than one year ago. Mortgage rates were slightly higher a year ago at this time, but not by much. The average.

On CitiMortgage.com, you can view your statements, set up auto-pay, see your mortgage details, and get mortgage assistance.

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