The rate on a 30-year fixed refinance rose to 6.78% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.64%. On a 20-year mortgage refinance, the average rate is 6.5%.<\/p>\n
Related:<\/strong> Compare Current Refinance Rates<\/a><\/p>\n !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 The current 30-year, fixed-rate mortgage refinance average rate stands at 6.78%, versus 6.7% last week.<\/p>\n The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.81%, higher than last week’s 6.73%. The APR<\/a> is the all-in cost of a home loan\u2014the interest rate including any fees or extra costs.<\/p>\n At the current interest rate, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $651 per month for principal and interest, according to the Forbes Advisor mortgage calculator<\/a>. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $134,310.<\/p>\n For a 20-year fixed refinance mortgage, the average interest rate is currently 6.5%, about the same as last week.<\/p>\n The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.55%. It was 6.54% last week.<\/p>\n At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $746 per month in principal and interest – not including taxes and fees. That would equal about $78,994 in total interest over the life of the loan.<\/p>\n The average interest rate on the 15-year fixed refinance mortgage is 5.64%. A week ago, the 15-year fixed-rate mortgage was at 5.66%.<\/p>\n On a 15-year fixed refinance, the annual percentage rate is 5.69%. Last week, it was 5.71%.<\/p>\n At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $825 per month in principal and interest per $100,000 borrowed. You would pay around $48,425 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) rose week-over-week to 7.12%. Last week, the average rate was 7.09%.<\/p>\n Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $673 per month in principal and interest per $100,000 borrowed.<\/p>\n A 15-year, fixed-rate jumbo mortgage refinance is 6.09% on average, down 0.02 point from last week.<\/p>\n At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $849 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $52,771 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 You may want to refinance your home<\/a> when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance<\/a> (PMI).<\/p>\n A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs by dividing your closing costs by the monthly savings from your new payment.<\/p>\n Our mortgage refinance calculator<\/a> could help you determine if refinancing is right for you.<\/p>\n Consider refinancing your mortgage when you need a more affordable monthly payment, want to stop paying annual FHA or USDA loan fees or would prefer a fixed interest rate. You may also consider a cash-out refinance to borrow from your home equity.<\/p>\n However, as refinance rates have increased by several percentage points from near-term lows in late 2021, it can be harder to replace your existing interest rate with a lower one, unless you refinance to a 15-year mortgage<\/a>. As a result, extending your loan term is the one way to reduce your payment, but you can end up paying more total interest.<\/p>\n The application process is similar to buying a home. Plus, home appraisal fees and closing costs from 2% to 6% of the loan amount apply and add to your lifetime borrowing costs.<\/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
When You Should Refinance Your Home<\/h2>\n
Is Now a Good Time To Refinance?<\/h2>\n
How To Get Today’s Best Refinance Rates<\/h2>\n