| North Palm Beach, Fla. -- Nov. 27, 2009 (Bankrate.com) -- Rates on 7/1 ARM refinances in the United States fell 10 basis points to 4.24 percent on Friday, 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 0.63 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.
Someone taking out a $165,000.00 7/1 ARM refinance at the current average would pay $810.74 a month for the first seven years of the loan. Nationally, the highest rate on a 7/1 ARM refinance was 9.88 percent. The lowest rate was 3.50 percent. A month ago, the average rate in the U.S. was 4.43 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. | 
