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Digital News Report – Refinance mortgage rates dropped seven basis points Friday compared to Thursday. The average 30-year fixed rate was 4.6128 percent, down from 4.7253 percent last Friday.
Bank of America had a refinance rate of 5.032 percent today. The average for the week was 5.069 percent. Bank of America charges less for refinancing a loan the for a new-purchase loan. Bank of America is charging 4.902 percent for their new-purchase loans.
The average 15-year fixed mortgage refinance rate is 4.0380 percent. This was down 10-basis points from Thursday. Chase bank had a refinance rate of 4.342 percent.
The average 5/1 adjustable refinance rate was 3.471 percent. Bank of America had a refinance rate of 3.558 percent and Chase had a rate of 3.523 percent.
By: Tina Brown
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