The rate on a 30-year fixed refinance decreased to 6.7% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.66%, and for 20-year mortgages, the average is 6.5%.<\/p>\n
Related:<\/strong> Compare Current Refinance Rates<\/a><\/p>\n \ufeff<\/span>!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}(); <\/p>\n Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.7%, down 0.21 point from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $645 per month for principal and interest at the current interest rate, according to the Forbes Advisor mortgage calculator<\/a>, not including taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $132,252.<\/p>\n Another way of looking at loan costs is the annual percentage rate, or APR<\/a>. For a 30-year, fixed-rate mortgage, the APR is 6.73%, lower than last week’s 6.94%. The APR is essentially the all-in cost of the home loan.<\/p>\n The 20-year fixed mortgage refinance average rate stands at 6.5%, versus 6.74% last week.<\/p>\n The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.54%. It was 6.78% last week.<\/p>\n At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $745 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $78,881 in total interest over the life of the loan.<\/p>\n For a 15-year fixed refinance mortgage, the average interest rate is currently 5.66%. The same time last week, the 15-year fixed-rate mortgage stood at 5.92%.<\/p>\n The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.71%. Last week, it was 5.97%.<\/p>\n Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $825 per month in principal and interest – not including taxes and fees. That would equal about $48,589 in total interest over the life of the loan.<\/p>\n The average interest rate on the 30-year fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) decreased week-over-week to 7.09%. A week ago, the average rate was 7.18%.<\/p>\n Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $671 per month in principal and interest per $100,000 borrowed.<\/p>\n A 15-year, fixed-rate jumbo mortgage refinance is 6.11% on average, down 0.25 point from last week.<\/p>\n At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $850 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $52,986 in total interest.<\/p>\n Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.<\/p>\n You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan<\/a>. Buying discount points and avoiding mortgage insurance can also help.<\/p>\n There are lots of good reasons to refinance your mortgage<\/a>, but for most homeowners, it comes down to lowering the interest rate, reducing monthly payments or paying off the loan more quickly. Refinancing can also allow you to tap some of your home’s equity or eliminate private mortgage insurance<\/a> (PMI).<\/p>\n It’s important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time. It can be helpful to calculate the “break-even point” for a potential refinance – to see how long it will take for savings from the new mortgage to outweigh closing costs. Try to find out what those fees will be and divide them by the monthly savings from the new mortgage.<\/p>\n Check out our mortgage refinance calculator<\/a> to help you decide if this is a good time to refinance.<\/p>\n Refinancing your mortgage can be worth it for multiple reasons:<\/p>\n30-Year Fixed Refinance Interest Rates<\/h2>\n
20-Year Refi Rates<\/h2>\n
15-Year Fixed Refinance Rates<\/h2>\n
30-Year Jumbo Refinance Interest Rates<\/h2>\n
15-Year Jumbo Refinance Rates<\/h2>\n
Are Refinance Rates and Mortgage Rates the Same?<\/h2>\n
Know When To Refinance Your Home<\/h2>\n
Is Now a Good Time To Refinance?<\/h2>\n
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