| North Palm Beach, Fla. -- Nov. 26, 2009 (Bankrate.com) -- Rates on 15-year fixed mortgage refinances in the United States rose 1 basis point to 4.54 percent on Thursday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.61 discount and origination points. A refinanced mortgage is one in which a borrower pays off an old loan with a new loan. People who refinance a mortgage usually do so to get a lower interest rate, lower their payments or to take cash out of their equity.
A 15-year fixed mortgage has an interest rate that stays the same for the 15-year life of the loan. Someone taking out a $165,000.00 15-year fixed mortgage refinance at the current average would pay $1,265.61 a month for the life of the loan. Nationally, the highest rate on a 15-year fixed mortgage refinance was 10.00 percent. The lowest rate was 3.75 percent. A month ago, the average rate in the U.S. was 4.59 percent. To see all of the results of Bankrate.com's surveys, go to www.bankrate.com. The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states. | 
