Digital News Report – The average refinance loan rate decreased four basis points to 4.4189 percent. Since last week the 30-year fixed rate mortgage (FRM) has decreased 10 basis points.
The average 15-year fixed mortgage rate increased six basis points to 3.9614 percent Friday. The average 5-year adjustable rate mortgage (ARM) decreased five basis points.
These are “refinance” rates, not “purchase” mortgage rates. In some cases banks and lenders will charge a different rate depending on the type of loan.
Bank of America Refinance Rates
Bank of America lowered their 30-year fixed mortgage rate to 4.657 percent. That is 10 points lower than the week before.
The bank also published a 5-year adjustable mortgage rate of 3.169 percent.
Chase Bank Rates
Chase raised their rate 11 basis points to 4.586, up 11 basis points. Over the last week the bank has lowered their rate 11 points.
Chase raised their 15-year fixed mortgage rates to 4.273 percent.
By: Tina Brown