Current Refinance Rates: April 4, 2022—Rates Jump Up
April 4, 2022 — Rate Increase – Forbes Advisor

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

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 4.93% with an APR of 4.95%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.15% with an APR of 4.18%. The refinancing rate over 20 years is 4.76%. The average rate on a 5/1 ARM is 3.15% with an APR of 4.36%.

Related: Compare current refinance rates

30-Year Fixed Rate Mortgage Refinance Rate

The average 30-year fixed rate mortgage refinance rate rose to 4.93%. A week ago, the 30-year fixed was 4.55%. The 52-week low is 3.56%.

The 30-year fixed mortgage refi APR is 4.95%. At the same time last week, it was 4.57%. The APR is the overall cost of your loan.

At an interest rate of 4.93%, a 30-year fixed mortgage would cost $533 per month in principal and interest (excluding taxes and fees) on $100,000, according to the Forbes Advisor mortgage calculator. You would pay approximately $91,719 in total interest over the life of the loan.

20-year fixed rate refinancing rate

The average interest rate on the 20-year fixed refinance mortgage is 4.76%. At this time last week, the 20-year fixed rate mortgage was at 4.41%.

The APR on a 20-year fixed is 4.79%. Last week it was 4.44%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 4.76% will cost $647 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $55,225 in total interest.

15-year refinancing rate

Today, the 15-year fixed mortgage rate is 4.15%, higher than a day ago. Last week it was 3.83%. Today’s rate is above the 52-week low of 2.87%.

The APR on a 15-year fixed is 4.18%. This time last week it was 3.86%.

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 4.97%. A week ago, the average rate was 4.57%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 3.57%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 4.97% will pay $4,012 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 $4,012, and you would pay approximately $694,472 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 remained unchanged at 4.19%. Last week, the average rate was 3.85%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 2.91%.

Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 4.19% will pay $749 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 $5,619, and you would pay approximately $261,481 in total interest over the life of the loan.

5/1 ARM interest rate

The average interest rate on a 5/1 ARM sits at 3.15%, above the 52-week low of 2.83%. Last week, the average rate was 4.22%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.15% will pay $430 per month in principal and interest.

When refinancing makes sense

You may want to refinance your home, when you can lower your interest rate, lower your monthly payments, or pay off your mortgage sooner. You may want to use cash financing to access your home equity or take out a new loan to eliminate private mortgage insurance (PMI).

A home loan refinance can be a good idea, 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 get the best refinance rates

Just like 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here