The average interest rates on refinancing mortgages in the US have declined, with the 30-year fixed-rate mortgage for refinancing falling two basis points on Friday compared to Thursday.
The average 30-year fixed-rate for refinance mortgages hit 4.76 percent last week, compared with 4.73 percent in the previous week. Interest rates offered by Bank of America were 5.018 percent on Friday, compared with 4.998 percent in the previous week. The average interest rates for a BofA loan were 5.013 percent.
Meanwhile, the average 15-year fixed-rate refinancing mortgages were 4.22 percent on Friday, which were 16 basis points higher since Monday last week.
In addition, the average 5/1 adjustable refinance rate or ARM was 10 basis points higher on Friday last week compared to Thursday, and has climbed one basis point to 3.48 on Friday.
Mortgage rates of Bank of America were 3.654 percent for 5/1 ARM.