April 6, 2022 — Refinance Rates Rise – Forbes Advisor

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This is a good time to lock in a low refinance rate. The average rate for a 30-year fixed mortgage refinance rose today, but rates are still at historic lows.

The average rate for a 30-year fixed mortgage is 4.88%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.15%. The average rate on a 20-year refinance loan is 4.78% and the average rate on a 5/1 ARM is 3.18%.

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 4.88%. At the same time last week, the 30-year fixed rate was 4.92%. The 52-week low is 3.65%.

The 30-year fixed mortgage refi APR is 4.89%. At the same time last week, it was 4.93%. The APR is the overall cost of your loan.

At an interest rate of 4.88%, a 30-year fixed mortgage would cost $530 per month in principal and interest (excluding taxes and fees) on $100,000, according to the Forbes Advisor mortgage calculator. You would pay approximately $90,624 in total interest over the life of the loan.

20-year refi rate

The average interest rate on the 20-year fixed refinance mortgage is 4.78%. A week ago, the 20-year fixed rate mortgage was at 4.74%.

The APR on a 20-year fixed is 4.81%. This time last week it was 4.77%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 4.78% will cost $648 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $55,487 in total interest.

Fixed refinancing rates over 15 years

The average interest rate on the 15-year fixed refinance mortgage remained at 4.15%. Last week, the 15-year fixed rate mortgage was at 4.12%. Today’s rate is above the 52-week low of 2.96%.

The APR on a 15-year fixed is 4.18%. This time last week it was 4.15%.

A $100,000 15-year fixed rate mortgage refinance with a current interest rate of 4.15% will cost $747 per month in principal and interest. Over the term of the loan, you will pay $34,501 in total interest.

Jumbo refinance rate over 30 years

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 4.87%. Last week, the average rate was 4.97%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 3.66%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 4.87% will pay $3,967 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 $3,967, and you would pay approximately $678,043 in total interest over the life of the loan.

15-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 15-year fixed rate jumbo mortgage refinance fell to 4.14%. Last week, the average rate was 4.19%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 3.00%.

Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 4.14% will pay $747 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 $5,600, and you would pay approximately $258,076 in total interest over the life of the loan.

5/1 ARM interest rate

The average interest rate on a 5/1 ARM is 3.18%, higher than the 52-week low of 2.83%. Last week, the average rate was 4.31%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.18% will pay $431 per month in principal and interest.

When refinancing makes sense

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.

A home loan refinance can make sense, especially if you plan to stay in your home for a while. Even if you get a lower interest rate, you have to consider the cost of the loan. Calculate the break-even point where your savings from a lower interest rate exceeds your closing costs 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.

How to qualify for the best refinance rates

Just like when shopping for a mortgage when buying your home, when you refinance, here’s how you can find the lowest refinance rate:

A strong credit rating 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.

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