Digital News Report – Refinance rates are moving higher this week. The average mortgage refinance rate for a 30-year fixed rate mortgage was 4.7351 percent Friday. Compare that to 4.6128 percent last Friday. That is a 12-basis point increase and a 17-basis point increase over Monday. The average for the week was 4.641 percent.
Refinance rates are usually different from purchase mortgage rates. For instance, Bank of America is charging 5.157 percent to refinance a home but only 4.933 percent for a new purchase loan.
The average 15-year refinance mortgage rate was 4.1018 percent on Friday. The average for the week was 3.923 percent because of a dip in rates on Wednesday. Last Friday the rate was 4.0380 percent.
The only rate to decrease was the 5/1 adjustable rate mortgages (ARM). The average rate was 3.460 percent Friday. Compare that to 3.5192 percent last Friday. The rate increase 3 points from Thursday but is still down 6 basis points from last Friday. Bank of America (BofA) was advertising a rate of 3.554 percent on Friday. That is nearly unchanged from the Friday before but is one basis point higher from Thursday.
Chase had a 30-year refinance rate of 4.826 percent. They were also advertising a 15-year refinance rate of 4.329 percent. Their 7/1 ARM was 3.669 percent and their 5/1 ARM was 3.485 percent.
By: Tina Brown