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Digital News Report – Refinance mortgage rates fell again this week. The average 30-year fixed mortgage rate fell 10 basis points to 4.5344 percent. Over the past week rates have moved down only three basis points and over the past 30 days the rate has dropped 17 points.
These rates are based on refinancing, not new home purchases.
BofA 30 Year Rates
Bank of America kept their refinance rates near even at 4.906 percent. Over this past week (Monday through Friday) the bank has lowered their rate three basis points and over the past 30-days they have dropped 10 points.
Chase bank lowered their refinance rate nine basis points Friday to 4.596 percent. Over the week they have lowered their rate one point.
15-Year Mortgage Rates
The average 15-year fixed rate refinance mortgage fell three basis points to 3.9644 percent. Over the past seven days the rate has fallen five basis points. Over the past 30 days the rate has dropped 10 points.
Chase published a 15-year fixed refinance rate of 4.254 percent. That is two basis points lower than the day before and four points lower for the week.
Adjustable Rates
The average refinance 5-year adjustable rate mortgage (5/1 ARM) was nearly unchanged Friday at 3.3992 percent. The rate increased two basis points since Thursday and is down eight basis points for the week.
Bank of America lowered their rate two basis points to 3.353 percent. The rate has dropped nearly 20 basis points for the month.
Chase dropped their rate three basis points to 3.339 percent.
By: Tina Brown
| Thu | Fri | |
| 8/5/2010 | 8/6/2010 | Average Refinance Rates |
| 4.6304% | 4.5344% | 30-Year FRM |
| 3.9920% | 3.9644% | 15-Year FRM |
| 3.4040% | 3.3992% | 5/1 ARM |
| Thu | Fri | Bank of America |
| 8/5/2010 | 8/6/2010 | Type of Refinance Product |
| 4.904 | 4.906 | 30-Year Fixed Rate |
| 3.373 | 3.353 | 5-Year ARM |
| 5.568 | 5.579 | 30-Year Fixed Rate, interest only |
| 3.407 | 3.39 | 5-Year ARM, interest only |
| 8/5/2010 | 8/6/2010 | Chase |
| 4.689 | 4.596 | 30-Year Fixed Rate |
| 4.273 | 4.254 | 15-Year Fixed Rate |
| 3.524 | 3.504 | 7/1 ARM |
| 3.373 | 3.339 | 5/1 ARM |