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Digital News Report – The 30-year mortgage refinance rate is moving lower this week but the 15-year rate moved higher.
Mortgage loan refinance rates can sometimes higher than new-purchase loans. For instance, Bank of America offered a refinance rate of 4.998 percent this weekend and a purchase loan rate of 4.80 percent. This is for the same loan amount with the same credit in the same area. It costs less to purchase a home than to refinance one.
The average refinance rate we found today was 4.76 percent for a 30-year FRM. This was down from 4.78 percent on Thursday. Freddie Mac reported that rates were moving lower last week.
Refinance rates are mixed with the 30-year FRM lower, the 15-year FRM and the 5/1 ARM higher. The average 15-year fixed rate mortgage is 4.26 percent and the average 5/1 adjustable rate mortgage is 3.47 percent.
By: Tina Brown