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The rate on a 30-year fixed refinance declined today.
The average rate for refinancing a 30-year fixed mortgage is currently 7.36%, according to Curinos. For refinancing a 15-year mortgage, the average rate is 6.54%, and for 20-year mortgages, it’s 7.24%.
Related: Compare Current Refinance Rates
Refinance Rates for March 28, 2024
Loan Term | Rate | Change | Rate Yesterday |
---|---|---|---|
30-Year Fixed Refinance Rate
|
7.36%
|
-0.01
|
7.37%
|
20-Year Fixed Refinance Rate
|
7.24%
|
-0.01
|
7.25%
|
15-Year Fixed Refinance Rate
|
6.54%
|
-0.05
|
6.59%
|
30-Year Jumbo Refinance Rate
|
7.38%
|
+0.08
|
7.30%
|
15-Year Jumbo Refinance Rate
|
6.98%
|
+0.00
|
6.98%
|
30-Year Fixed Refinance Interest Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.36%, compared to 7.47% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.43%, compared to 7.52% last week. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.
At the current interest rate of 7.36%, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $690 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $148,349.
20-Year Refinance Interest Rates
The average interest rate on the 20-year fixed refinance mortgage is 7.24%. One week ago, the 20-year fixed-rate mortgage was at 7.31%.
The APR on a 20-year fixed is 7.29%. One week ago, it was 7.33%.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 7.24% will cost $789 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $89,472 in total interest.
15-Year Refinance Interest Rates
The 15-year fixed mortgage refinance is currently averaging about 6.54%. That’s compared to the average of 6.67% at this time last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.53% versus 6.67% at this time last week.
At the current interest rate of 6.54%, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $873 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $57,186 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Interest Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 7.38%. One week ago, the average rate was 7.42%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 7.38% will pay $691 per month in principal and interest per $100,000.
15-Year Jumbo Refinance Interest Rates
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.98%, compared to an average of 7.12% last week.
At today’s rate of 6.98%, a borrower would pay $897 per month in principal and interest per $100,000 for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $461,532 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
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.
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. Buying discount points and avoiding mortgage insurance can also help.
When Refinancing Makes Sense
You may want to refinance your home mortgage, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home’s equity for other financial needs, like a remodeling project or to pay for your child’s college. If you’ve been paying private mortgage insurance (PMI), refinancing also may give you the opportunity to ditch that cost.
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even 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 could help you determine if refinancing is right for you.
Is Now a Good Time To Refinance?
Refinancing your mortgage can be worth it for reasons that include:
- Lowering monthly payments. You might be able to reduce your monthly payment by extending your repayment period or qualifying for a better interest rate.
- Reducing your interest rate. Switching from a 30-year mortgage to a shorter term, like 15 or 20 years, can help you get a better interest rate and pay less interest overall.
- Ending annual service fees. FHA and USDA loans can charge annual fees for the life of the loan. If you have at least 20% equity, converting to a conventional mortgage refinance lets you avoid mortgage insurance premiums and guarantee fees.
- Switching to a fixed interest rate. You may also refinance an adjustable-rate mortgage into a fixed interest rate to avoid future rate hikes that increase your monthly payment and total borrowing costs.
- Borrowing your home equity: A cash-out refinance allows you to tap your home equity to consolidate high-interest debt and pay for personal expenses. The mortgage refinance interest rate can be lower than unsecured personal loans.
Lenders offer multiple mortgage refinance options to help you quickly compare your potential rate and monthly payment. Refinancing can also provide more repayment flexibility.Now isn’t a good time to refinance if you cannot get a smaller monthly payment or the closing costs offset the potential benefits of having a new rate and term.How To Get Today’s Best Refinance RatesMuch like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
Maintain a good credit score
- Consider a shorter-term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
Frequently Asked Questions (FAQs)
How quickly can you refinance a mortgage?
You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors—like the type of home loan you choose. Always check with your lender before committing to borrow.
How much does it cost to refinance a mortgage?
How do you find the best refinancing lender?Our guide to the best mortgage refinance lenders is a good starting point, but make sure you compare multiple lenders and get more than one quote. It’s always a good idea to find out the closing costs lenders charge, and also to make sure you can communicate easily with your lender. Conditions in the housing market change frequently, so being able to depend on your lender is crucial.
How quickly can you refinance a mortgage?
You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors—like the type of home loan you choose. Always check with your lender before committing to borrow.
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