Rate
Averages Provided by Bankrate.com are calculated
in two ways: .
The
Bankrate.com National Index is based on a weekly
survey of the 50 largest banks and the 50 largest
thrifts in the 10 largest metropolitan areas in
the country.
These rates have been collected for 15 years and provide a broad historical
perspective on rate trends.
Bankrate.com's Overnight Averages: Approximately 4,000 banks are surveyed each week in 173 markets in 50 states and the District of Columbia.
A mortgage refinance is one in which borrower take a new loan to pay off the old loan. People who refinance their mortgage in against of old mortgage tend to do so to get a lower interest rates to lower down their monthly payments OR to take cash out benefit of their home equity.
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