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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 5.11%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.28%. The average rate on a 20-year refinance loan is 4.96% and the average rate on a 5/1 ARM is 3.22%.
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 5.11%. A week ago, the 30-year fixed was 4.92%. The 52-week low is 3.66%.
The 30-year fixed mortgage refi APR is 5.13%. At the same time last week, it was 4.94%. The APR is the overall cost of your loan.
At an interest rate of 5.11%, a 30-year fixed mortgage refi would cost $544 per month in principal and interest (excluding taxes and fees) on $100,000, according to mortgage calculator Forbes Advisor. You would pay approximately $95,683 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 4.96%. Last week, the 20-year fixed rate mortgage was at 4.75%.
The APR on a 20-year fixed is 4.99%. Last week it was 4.77%.
A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 4.96% will cost $658 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $57,860 in total interest.
15-year refinancing rate
Today, the 15-year fixed mortgage rate is at 4.28%, higher than it was at the same time yesterday. Last week it was 4.13%. Today’s rate is above the 52-week low of 3.00%.
On a 15-year fixed refinance, the APR is 4.31%. Last week it was 4.16%.
A $100,000 15-year fixed rate mortgage refinance with a current interest rate of 4.28% will cost $754 per month in principal and interest. Over the term of the loan, you will pay $35,684 in total interest.
30-Year Jumbo Mortgage Refinance Rate
The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 5.13%. A week ago, the average rate was 4.96%. 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 5.13% will pay $545 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 $545, and you would pay approximately $96,126 in total interest over the life of the loan.
Jumbo Refi rate over 15 years
The average 15-year fixed rate jumbo mortgage refinance interest rate has risen to 4.30%. 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 3.01%.
Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 4.30% will pay $755 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 $5,661, and you would pay approximately $268,995 in total interest over the life of the loan.
5/1 Adjustable Rate Mortgage Refinance Rate
On an ARM 5/1, the average rate rose to 3.22% from 3.19% yesterday. The average rate was 3.14% last week. Today’s rate is currently a 52-week high.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.22% will pay $434 per month in principal and interest.
When should you refinance your home
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 get 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 score isn’t a guarantee that you’ll get your refinance approved or that you’ll get 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 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.