Today’s Refinance Rates: March 30, 2022—Refinance Rates Climb
March 30, 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.

To date, the average rate on a 30-year fixed mortgage is 4.92% with an APR of 4.93%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.12% with an APR of 4.15%. The 20-year refinancing rate is 4.74%. The average rate on a 5/1 ARM is 3.11% with an APR of 4.31%.

Related: Compare current refinance rates

30-year fixed rate refinancing rate

Today, the average 30-year fixed rate mortgage refinance rate rose slightly to 4.92%. At the same time last week, the 30-year fixed rate was 4.54%. The 52-week low is 3.52%.

On a 30-year fixed mortgage refi, the APR is 4.93%, higher than it was last week. The APR, or annual percentage rate, comprises the interest rate of a loan and the finance charges of a loan. This is the overall cost of your loan.

According to the Forbes Advisor Mortgage Calculator, homebuyers with a $100,000 30-year fixed rate mortgage will pay $532 per month in principal and interest (excluding taxes and fees) at the current interest rate of 4.92 %. The total interest paid over the term of the loan will be approximately $91,499.

20-year refi rate

The average interest rate on the 20-year fixed refinance mortgage is 4.74%. A week ago, the 20-year fixed rate mortgage was at 4.44%.

The APR on a 20-year fixed is 4.77%. This time last week it was 4.46%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 4.74% will cost $646 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $54,963 in total interest.

15-year mortgage refinance rate

The average interest rate on the 15-year fixed refinance mortgage remained at 4.12%. A week ago, the 15-year fixed rate mortgage was at 3.81%. Today’s rate is above the 52-week low of 2.77%.

On a 15-year fixed refinance, the APR is 4.15%. Last week it was 3.84%.
With an interest rate of 4.12%, you would pay $746 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $34,229 in total interest.

30-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 4.97%. A week ago, the average rate was 4.56%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 3.52%.

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.

Jumbo Refi rate over 15 years

The average interest rate on the 15-year fixed rate jumbo mortgage refinance fell to 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 2.79%.

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 Adjustable Rate Mortgage Refinance Rate

The average interest rate on a 5/1 ARM sits at 3.11%, above the 52-week low of 2.83%. Last week, the average rate was 4.06%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.11% will pay $428 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.

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.

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