10/10/13 Mortgage Rates Revealed for PNC

10-10-13 Current Mortgage Rates Revealed for PNCFor the date of, October 10, Pittsburgh-headquartered lender, PNC Bank (NYSE:PNC) has revealed their current mortgage rates.

In recent days, PNC has been among the large banks in the U.S to slash some of their mortgage staff.  In a statement released by a bank spokeswoman, this decision was directly influenced by the increase in rates and slowdown in purchasing all over the nation.

“We continuously adjust our staffing to meet the cyclical demands of our business,” said the spokeswoman, “Currently, PNC is responding to industry trends and lower refinance volume by reducing some mortgage positions.”

The largest Fixed Rate Mortgage offered by the bank, the 30 Year period was listed today at a varying rate of 4.250% – 4.625%, while the APR for the same term is 4.388% – 4.562%.

In the 20 Year Purchase Transaction FRM category, the rate has been published at 4.000% – 4.375% and exhibits an APR of 4.187% – 4.317%.

The more popular 15 Year Fixed Rate remained at 3.250% – 3.625% while the corresponding APR sits at 3.462% – 3.511%.

For borrowers interested in the 10 Year FRM, the rate has been listed at a variable of 3.000% – 3.375% with an APR of 3.331% – 3.313%.

In all of the Purchase transactions, the rate has been estimated on a $200,000 property located in the city of Chicago, IL and given a 30 day lock, debt-to-income ratio below 40%, and many other assumptions. Please see the banks website for more information.

Borrowers interested in refinancing their properties have four loan types to choose from with PNC bank.

The first, the 30 Year Refinance, is listed today at 4.500%-4.750% while the APR for the same term is 4.595%-4.696%,

There is also the 20 Year Fixed Refinance at a rate of 4.125%-4.500%. The corresponding APR for this term is 4.297%-4.440%. Today borrowers can find the 15 Year Refinance rate listed between 3.375% and 3.750%, while the 15 Year APR is 3.604%-3.707%.

Not only does PNC make the rates available on their website, there is also a convenient Monthly Payment calculator available.

In the 10 Year Fixed Rate Refinance with PNC, the rate is listed 3.250%-3.625% while the APR is 3.500%-3.482%.

All Refinances are calculated with the assumption of the property value being $200,000 and located in Chicago, IL. Also, all rates for refinance are valid for 45 day locks.

PNC offers a wide range of mortgage options including; FHA, VA, and Jumbo.

Please note – rates can change at any time, it is best to check with your mortgage specialist at PNC for the most current rates in your area.

More details on PNC Bank’s latest mortgage rates and terms can be found on the lender’s website.

Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.

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About the author

L.J is a contributor covering financial mortgage rates. A freelance writer for various online publications with a great interest in real estate investment.