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Digital News Report – Refinance loan rates were mixed this week with some rates advancing and other rates moving lower. The average 30-year fixed refinance rate was one basis point lower this week compared to last.
The average 30-year rate was 4.20 percent Friday. This is down one point for the week and 12 points for the month.
Bank of America and Chase both publish their refinance rates. In some instances, their refinance rate will differ from a purchase loan rate. Both rates are at historic low levels.
Bank of America had a 30-year mortgage rate for refinancing of 4.753 percent. That is even with Thursday, but 24 basis points lower over the week. Chase raised their 30-year rates 11 basis points to 4.7 percent.
The average 15-year fixed rate refinance mortgage jumped four basis points on Friday. Chase raised their rate 11 basis points to 4.398 percent.
The 5/1 adjustable rate mortgage for refinance increased seven basis points Friday to 3.27. Both Bank of America and Chase raised their rates.
By: Tina Brown
| Thursday | Friday | Basis Point | Basis Point | Basis Point | |
| 9/9/2010 | 9/10/2010 | Average Refinance Rates | Change (Day) | Change (Week) | Change (30-day) |
| 4.5219% | 4.5199% | 30-Year FRM | 0 | -1 | -12 |
| 3.8787% | 3.9180% | 15-Year FRM | 4 | 2 | 66 |
| 3.2013% | 3.2665% | 5/1 ARM | 7 | 11 | -67 |
| Thursday | Friday | Basis Point | Basis Point | Basis Point | |
| 9/9/2010 | 9/10/2010 | Bank of America | Change (Day) | Change (Week) | Change (30-day) |
| 4.752 | 4.753 | 30-Year Fixed Rate | 0 | -24 | -19 |
| 3.265 | 3.276 | 5-Year ARM | 1 | 1 | -14 |
| 5.605 | 5.531 | 30-Year Fixed Interest Only | -7 | -46 | -8 |
| 3.306 | 3.323 | 5-Year ARM, interest only | 2 | 2 | -13 |
| 9/9/2010 | Chase | ||||
| 4.586 | 4.7 | 30-Year Fixed Rate | 11 | 9 | 0 |
| 4.292 | 4.398 | 15-Year Fixed Rate | 11 | 2 | 11 |
| 3.431 | 3.48 | 7/1 ARM | 5 | 4 | -13 |
| 3.268 | 3.313 | 5/1 ARM | 5 | 3 | -11 |