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If you’re looking to save money by refinancing your home loan, now is a good time to lock in low rates. Refinance rates remained unchanged today, keeping rates at historic lows.
To date, the average rate on a 30-year fixed mortgage is 4.92% with an APR of 4.94%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.13% with an APR of 4.15%. The 20-year refinancing rate is 4.75%. The average rate on a 5/1 ARM is 3.14% with an APR of 4.35%.
Related: Compare current refinance rates
30-year refinancing rate
The average 30-year fixed rate mortgage refinance rate remained at 4.92%. A week ago, the 30-year fixed was 4.54%. The 52-week low is 3.53%.
On a 30-year fixed mortgage refi, the APR is 4.94%, 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.
At an interest rate of 4.92%, a 30-year fixed mortgage refi would cost $532 per month in principal and interest (excluding taxes and fees) on $100,000, according to mortgage calculator Forbes Advisor. The total interest paid over the term of the loan will be approximately $91,499.
20-year fixed rate refinancing rate
The average interest rate on the 20-year fixed refinance mortgage is 4.75%. Last week, the 20-year fixed rate mortgage was at 4.40%.
The APR on a 20-year fixed is 4.77%. This time last week it was 4.42%.
A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 4.75% 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 $55,094 in total interest.
Fixed refinancing rates over 15 years
The average interest rate on the 15-year fixed refinance mortgage remained at 4.13%. A week ago, the 15-year fixed rate mortgage was at 3.82%. Today’s rate is higher than the 52-week low of 2.78%.
The APR on a 15-year fixed is 4.15%. This time last week it was 3.85%.
At the current interest rate of 4.13%, a 15-year fixed rate mortgage would cost approximately $746 per month in principal and interest per $100,000. You would pay approximately $34,319 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 4.97%. Last week, 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 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 2.80%.
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 Refinance Rate
On a 5/1 arm, the average rate rose to 3.14% from 3.11% yesterday. The average rate was 3.17% last week. Today’s rate is currently below the 52-week high of 3.18%.
Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.14% will pay $429 per month in principal and interest.
Know when to 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 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 score
- 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.