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Digital News Report – The average 30-year fixed mortgage (FRM) refinance rate increased two basis points to 4.574% today. Over the past 30-days the rate has increased one basis point.
Refinance rates may be different than new purchase mortgage rates. Both Chase and Bank of America charge different rates depending on type of loan.
Bank of America is offering 30-year refinance loans as low as 5.013 percent. That is a 12 basis point increase over Thursday’s rate, but the rate is still two basis points lower than it was 30-days ago.
Chase has a refinance rate of 4.5967 percent this week. They increased their rate two points from Thursday. Their rate is down 12 basis points for the week.
The average 15-year refinance mortgage rate dropped four basis points to 3.9747 percent Friday. The refinance rate has dropped seven points since last Friday. Chase lowered kept their rate at 4.273 percent.
The average 5/1 adjustable refinance mortgage rate dropped four basis points to 3.683 percent.
By: Tina Brown
| Friday | Basis Point | Basis Point | Basis Point | ||
| 8/27/2010 | Average Refinance Rates | Change (Day) | Change (Week) | Change (30-day) | 1-wk Average |
| 4.5746% | 30-Year FRM | 2 | 1 | 1 | 4.557% |
| 3.9747% | 15-Year FRM | -4 | 1 | -7 | 3.981% |
| 3.2683% | 5/1 ARM | -4 | -1 | -14 | 3.285% |
| Friday | Basis Point | Basis Point | Basis Point | ||
| 8/27/2010 | Bank of America | Change (Day) | Change (Week) | Change (30-day) | 1-wk Average |
| 5.013 | 30-Year Fixed Rate | 12 | -2 | -2 | 4.980% |
| 3.298 | 5-Year ARM | 1 | 2 | -26 | 3.294% |
| 5.901 | 30-Year Fixed Interest Only | 13 | -23 | 27 | 5.927% |
| 3.334 | 5-Year ARM, interest only | 2 | 1 | -29 | 3.324% |
| Chase | |||||
| 4.596 | 30-Year Fixed Rate | 2 | -12 | 4.588% | |
| 4.273 | 15-Year Fixed Rate | 0 | -2 | 4.298% | |
| 3.449 | 7/1 ARM | 5 | -2 | 3.419% | |
| 3.303 | 5/1 ARM | 2 | -2 | 3.288% |