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Digital News Report – The average 30-year fixed rate refinance mortgage was six basis points lower Friday, but over the past week moved two points higher. The average rate was 4.5541 percent on Friday. The 30-year fixed rate mortgage has dropped 25 basis points over the past 30 days.
This article is concerned with refinance rates as opposed to “new purchase” home loan rates. There is a difference.
Bank of America raised their 30-year fixed mortgage rates to 5.017 percent. That is a one basis point increase. Over the past week they have raised their rate 11 basis points and over the past 30 days they increased the rate three basis points.
JPMorgan Chase raised kept their rate steady on Friday but raised their 30-year rate 12 basis points over the past week. We do not have a monthly data report on Chase.
The average 15-year mortgage rate increased two points on Friday. The rate is 3.9719 percent. Over the past month the rate has declined 26 basis points. Chase kept their rate steady at 4.292 percent Friday, but has lowered it 12 point over the previous week.
The average 5-year adjustable rate mortgage (ARM) was 11 basis points higher Friday, but seven points lower than the previous week. See the complete report in the table below:
By: Tina Brown
| Fri | Basis Point | Basis Point | Basis Point | |
| 8/13/2010 |
Average Refinance Rates |
Change (Day) | Change (Week) | Change (30-day) |
| 4.5541% | 30-Year FRM | 6 | 2 | -25 |
| 3.9719% | 15-Year FRM | 2 | 1 | -26 |
| 3.3270% | 5/1 ARM | 11 | 7 | -13 |
Chase and BofA
| Fri |
Bank of America |
Basis Point | Basis Point | Basis Point |
| 8/13/2010 | Type of Refinance Product | Change (Day) | Change (Week) | Change (30-day) |
| 5.017 | 30-Year Fixed Rate | 1 | 11 | 3 |
| 3.349 | 5-Year ARM | 1 | 0 | -19 |
| 5.765 | 30-Year Fixed Rate, int only | 1 | 19 | 17 |
| 3.395 | 5-Year ARM, interest only | 0 | 0 | -24 |
| 8/13/2010 |
Chase |
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| 4.711 | 30-Year Fixed Rate | 0 | 12 | |
| 4.292 | 15-Year Fixed Rate | 0 | 4 | |
| 3.513 | 7/1 ARM | 0 | 1 | |
| 3.37 | 5/1 ARM | 0 | 3 |