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Digital News Report – The average home loan refinance rate dropped today but was higher for the week.
The average 30-year fixed refinance mortgage rate dropped one basis point on Friday but was up one point for the week to 4.5660 percent. Bank of America had a refinance rate of 5.037 percent, compared to 5.139 percent on Thursday. That is a 10 basis point drop.
Chase Bank was unchanged at 4.711 percent.
Banks can sometimes charge a different refinancing rate compared to a new purchase home loan.
The average 15-year FRM was one point higher to 3.9647 percent. For the week the rate is still one point lower. Over the past 30 days the rate is down 26 basis points. Chase kept their rate at 4.292 percent.
The average 5-year adjustable rate mortgage was seven points lower to 3.2758 percent today. Over the past 30 days the rate has dropped 20 points.
Bank of America lowered their rate one point to 3.282 percent. Chase lowered their rate one point to 3.328 percent.
By: Tina Brown
| Friday | Basis Point | Basis Point | Basis Point | |
| 8/20/2010 | Average Refinance Rates | Change (Day) | Change (Week) | Change (30-day) |
| 4.5660% | 30-Year FRM | -1.01 | 1.19 | -15.34 |
| 3.9647% | 15-Year FRM | 0.53 | -0.71 | -25.97 |
| 3.2758% | 5/1 ARM | -7.22 | -5.12 | -19.97 |
| Friday | Bank of America | Basis Point | Basis Point | Basis Point |
| 8/20/2010 | Type of Refinance Product | Change (Day) | Change (Week) | Change (30-day) |
| 5.037 | 30-Year Fixed Rate | -10.20 | 2.00 | 2.10 |
| 3.282 | 5-Year ARM | -1.00 | -6.70 | -35.10 |
| 6.132 | 30-Year Fixed Rate, interest only | 0.20 | 36.70 | 52.50 |
| 3.32 | 5-Year ARM, interest only | 0.00 | -7.50 | -37.80 |
| Chase | ||||
| 4.711 | 30-Year Fixed Rate | 0.00 | 0.00 | |
| 4.292 | 15-Year Fixed Rate | 0.00 | 0.00 | |
| 3.467 | 7/1 ARM | -1.00 | -4.60 | |
| 3.328 | 5/1 ARM | -1.00 | -4.20 |