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Refinance rates have gone up today, but if you’re looking to save on monthly payments or refinance a shorter loan, you still have the option of a great rate.
To date, the average rate on a 30-year fixed mortgage is 4.21% with an APR of 4.18%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 3.50% with an APR of 3.52%. The 20-year refinancing rate is 4.15%. The average rate on a 5/1 ARM is 2.86% with an APR of 4.08%.
Related: Compare current refinance rates
30-Year Fixed Rate Mortgage Refinance Rate
Today, the average 30-year fixed-rate mortgage refinance rate has risen to 4.21%. At the same time last week, the 30-year fixed rate was 3.99%. Today’s rate is the same as the 52-week high of 3.19%.
The APR on a 30-year fixed is 4.18%. Last week it was 3.98%. The APR is the overall cost of your loan.
At an interest rate of 4.21%, a 30-year fixed mortgage refi would cost $490 per month in principal and interest (excluding taxes and fees) on $100,000, according to mortgage calculator Forbes Advisor. The total interest paid over the term of the loan will be approximately $76,256.
20-year refi rate
The average interest rate on the 20-year fixed refinance mortgage is 4.15%. Last week, the 20-year fixed rate mortgage was at 4.00%.
The APR on a 20-year fixed is 4.12%. A week ago it was 4.00%.
A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 4.15% will cost $614 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $47,339 in total interest.
Fixed refinancing rates over 15 years
The average interest rate on the 15-year fixed refinance mortgage remained at 3.50%. A week ago, the 15-year fixed rate mortgage was at 3.28%. Today’s rate is above the 52-week low of 2.46%.
The APR on a 15-year fixed is 3.52%. This time last week it was 3.33%.
At the current interest rate of 3.50%, a 15-year fixed rate mortgage would cost approximately $715 per month in principal and interest per $100,000. You would pay approximately $28,679 in total interest over the life of the loan.
Jumbo refinance rate over 30 years
The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 4.24%. Last week, the average rate was 4.00%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 3.18%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 4.24% will pay $3,685 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 $3,685, and you would pay approximately $576,658 in total interest over the life of the loan.
Jumbo Refi rate over 15 years
The average interest rate on the 15-year fixed rate jumbo mortgage refinance increased to 3.59%. Last week, the average rate was 3.33%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 2.44%.
Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 3.59% will pay $719 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 $5,395, and you would pay approximately $221,069 in total interest over the life of the loan.
5/1 ARM interest rate
On an ARM 5/1, the average rate fell to 2.86% from 2.88% yesterday. The average rate was 2.86% last week. Today’s rate is currently below the 52-week high of 2.88%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 2.86% will pay $414 per month in principal and interest.
Know when to refinance your home
You might want to refinance your mortgage for a variety of reasons: to lower your interest rate, reduce your monthly payment, or pay off your loan sooner. You can also use a refinance loan to access equity in your home for other financial needs, such as a renovation project or to pay for your child’s college education. If you paid for private mortgage insurance (PMI), refinancing may also give you the option to waive that cost.
Refinancing your mortgage can be a good idea if you plan to stay in your home for several years. There is, after all, a refinancing cost that will take some time to recover. You will need to know the closing costs of the loan to calculate the break-even point where your savings through a lower interest rate exceeds 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 shorter term loan
- Reduce your debt to income ratio
- Monitor mortgage rates
A strong credit score doesn’t guarantee your refinance will be approved or that you’ll get the lowest rate, but it might make your way easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You should also keep an eye on mortgage rates for different loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.