I thought it was amusing back in January when CitiBank sent me three credit-card offers in one day, all basically identical to the card I already had with them. Today, a knock on my door announced the arrival of an unsolicited Instant Rate Modification offer from CitiMortgage, complete with pen and return next-day air envelope.

They want to lower my interest rate from 4.25% to 4.0%, effective immediately, for the low price of $250. Since it would save me $43 a month, on the surface it looks like a good deal. But the offer is good for one week only, which makes me look at the fine print. As expected, it resets the fixed period on my 3/1 ARM, locking me into this rate until 2007.

I think it’s time to shop around and see what sort of refinancing deals other banks will offer me.