Citibank (NYSE:C) has excellent mortgage rates across the board today, most of which are in the same region as those of yesterday, perhaps even a little down. 30 year fixed-rate options are now being offered at 4.250% with an APR of 4.487%, while the 15 year fixed-rate option for new purchase is at 3.375%, amounting to a 3.745% APR.
With regard to refinance agreements, 30 year fixed terms are being advertised at a low 4.250% with an APR of 4.487%, while15 year options are being provided at 3.375% with an APR of 3.745%.
PNC (NYSE:PNC) is offering similar 30 year fixed loans for new buyers, at 4.125% and a 4.297% APR, while 15 year terms are now at 3.250% and an APR of 3.542%. Refinance agreements are available for 4.125% for the 30 year option with an APR of 4.290%, while 15 year terms are available at 3.250%, amounting to an APR of 3.530%.
While it had been hoped across the board that the low mortgage rates seen throughout 2011 would jump start the struggling housing market, it seems at this stage that the exact opposite has proved the case. Even in spite of mortgage rates this very week hitting all time record lows, applications and general mortgage activity continues to decrease week after week, leaving little by way of optimism for the near future at least.