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The rate on a 30-year fixed refinance has dropped today, giving homeowners interested in refinancing a chance to lock in to a historically low rate.
To date, the average rate on a 30-year fixed mortgage is 3.21% with an APR of 3.35%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.48% with an APR of 2.71%. The 20-year refinancing rate is 3.04%. The average rate on a 5/1 ARM is 2.87% with an APR of 4.10%.
Related: Compare current mortgage rates
30-year fixed-rate mortgage refinancing rate
The average 30-year fixed-rate mortgage refinance rate fell to 3.21%. A week ago, the 30-year fixed rate was 3.21%. The 52 week low is 2.83%.
The APR on a 30-year fixed rate is 3.35%. Last week it was 3.37%. The APR is the overall cost of your loan.
At an interest rate of 3.21%, a 30-year fixed mortgage refi would cost $ 433 per month in principal and interest (not including taxes and fees) for $ 100,000, according to the loan calculator. Forbes Mortgage Advisor. The total interest paid over the life of the loan will be approximately $ 55,885.
20-year refinancing rate
The average interest rate on the 20-year fixed refinance mortgage is 3.04%. A week ago, the 20-year fixed rate mortgage was at 3.04%. Today’s rate is higher than the 52-week low of 2.85%.
The APR on a 20-year fixed rate is 3.17%. This time last week it was 3.18%.
A 20-year fixed rate mortgage refinance of $ 100,000 with a current interest rate of 3.04% will cost $ 557 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay approximately $ 33,585 in total interest.
15-year mortgage refinancing rate
The average interest rate on the 15-year fixed refinance mortgage remained at 2.48%. At the same time last week, the 15-year fixed rate mortgage was at 2.47%. Today’s rate is higher than the 52-week low of 2.28%.
On a 15-year fixed refinancing, the APR is 2.71%. Last week it was 2.71%.
With an interest rate of 2.48%, you would pay $ 666 per month in principal and interest for every $ 100,000 borrowed. Over the life of the loan, you would pay $ 19,853 in total interest.
Giant 30-year mortgage refinancing rate
The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 3.22%. Last week, the average rate was 3.22%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 2.85%.
Borrowers with a 30-year fixed rate jumbo mortgage refinance with the current interest rate of 3.22% will pay $ 3,252 per month in principal and interest per $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,252 and you would pay approximately $ 420,616 in total interest over the life of the loan.
Jumbo Refi rates over 15 years
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance has fallen to 2.47%. Last week, the average rate was 2.48%. The 15-year fixed rate on a jumbo mortgage has the 52-week low of 2.85%.
Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 2.47% will pay $ 665 per month in principal and interest per $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 4,990, and you would pay approximately $ 148,260 in total interest over the life of the loan.
Variable rate mortgage refinancing rate 5/1
On a 5/1 ARM, the average rate fell to 2.87% from 2.88% yesterday. The average rate was 2.90% last week. Today’s rate is currently below the 52-week high of 3.43%%.
Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.87% will pay $ 415 per month in principal and interest.
Know when to refinance your home
There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, lower their monthly payments, or pay off their home loan sooner. Refinancing can also help you gain equity in your home or eliminate private mortgage insurance (PMI).
Refinancing your mortgage can make sense if you plan to stay in your home for several years. There is, after all, a cost of refinancing that will take some time to recover. You will need to know the loan closing costs to calculate the breakeven point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment.
Our mortgage refinance calculator can help you determine if refinancing is right for you.
Just like when shopping for a mortgage when buying your home, when you refinance, here’s how you can find the lowest refinance rate:
- Maintain a good credit rating
- Consider a short term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A strong credit rating doesn’t guarantee that your refinance will be approved or that you’ll get the lowest rate, but it might make it easier for you. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You should also keep an eye on the mortgage rates for the different loan terms. They fluctuate frequently, and loans that need to be repaid earlier tend to charge lower interest rates.