Today’s Refinance Rates: April 18, 2022—Rates Inch Up
April 18, 2022—Rates Rise Slightly – Forbes Advisor

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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.

The average rate for a 30-year fixed mortgage is 5.30%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.52%. The average rate on a 20-year refinance loan is 5.17% and the average rate on a 5/1 ARM is 3.35%.

Related: Compare current refinance rates

30-year refinancing rate

Today, the average 30-year fixed rate mortgage refinance rate has risen to 5.30%. A week ago, the 30-year fixed was 5.12%. Today’s rate is the same as the 52-week high of 3.76%.

The APR on a 30-year fixed is 5.32%. Last week it was 5.14%. The APR is the overall cost of your loan.

At an interest rate of 5.30%, a 30-year fixed mortgage would cost $555 per month in principal and interest (excluding taxes and fees) on $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the term of the loan will be approximately $99,910.

20-year refi rate

The average interest rate on the 20-year fixed refinance mortgage is 5.17%. Last week, the 20-year fixed rate mortgage was at 4.97%.

The APR on a 20-year fixed is 5.19%. A week ago it was 4.99%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 5.17% will cost $669 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $60,652 in total interest.

15-year refinancing rate

The average interest rate on the 15-year fixed refinance mortgage remained at 4.52%. Last week, the 15-year fixed rate mortgage was at 4.29%. Today’s rate is above the 52-week low of 3.12%.

The APR on a fixed 15-year term is 4.55%. This time last week it was 4.32%.

At the current interest rate of 4.52%, a 15-year fixed rate mortgage would cost approximately $766 per month in principal and interest per $100,000. You would pay approximately $37,883 in total interest over the life of the loan.

30-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 5.27%. A week ago, the average rate was 5.13%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 3.74%.

Borrowers with a 30-year fixed rate jumbo mortgage refinance with a current interest rate of 5.27% will pay $553 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 $553, and you would pay approximately $99,240 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 has risen to 4.54%. Last week, the average rate was 4.30%. The 15-year fixed rate on a jumbo mortgage is above the 52-week low of 3.15%.

Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 4.54% will pay $767 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 $5,753, and you would pay approximately $285,503 in total interest over the life of the loan.

5/1 Adjustable Rate Mortgage Refinance Rate

The average interest rate on a 5/1 ARM sits at 3.35%, above the 52-week low of 2.83%. Last week, the average rate was 4.43%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.35% will pay $441 per month in principal and interest.

When refinancing makes sense

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 access equity in your home or eliminate private mortgage insurance (PMI).

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.

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:

  • Maintain a good credit rating
  • Consider a shorter term loan
  • Reduce your debt to income ratio
  • Monitor mortgage rates

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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