Digital News Reports – Refinance mortgage interest rates continued to decline this week with the average 30-year fixed rate mortgage hitting 4.5628 percent. This rate is one basis point lower than the day before and 17 basis points lower than the week before.
Bank of America had a “refinance” rate of 4.934 percent this week. That is a one-day drop of nine basis points. The bank has lowered their rate 22 basis points over the past week (Friday to Friday).
Chase Bank lowered their refinance rate 12 basis points to 4.607 percent Friday. They lowered their rate 22 basis points over the past week.
One basis point is 1/100th of a percent. This may not seem like much, but over the life of a 30-year loan, it can add up.
Chase also advertised a rate of 4.292 percent for their 15-year mortgages. They had a rate of 3.595 percent for their 7/1 adjustable rate mortgage (ARM) and 3.423 percent for their 5/1 ARM.
Bank of America posted a rate of 3.453 percent for their 5-year ARM. The bank also posts their rate for interest-only loans. The rate of the 30-year FRM interest only loan was 5.609 percent. The rate for the 5-year interest only loans was 3.493 percent.
By: Tina Brown