March 24, 2022 – No movement on refinance rates – Forbes Advisor
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This is a good time to lock in a low refinance rate. The average rate on a 30-year fixed mortgage refinance remained the same today, keeping rates at historic lows.
To date, the average rate on a 30-year fixed mortgage is 4.54% with an APR of 4.56%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 3.82% with an APR of 3.85%. The refinancing rate over 20 years is 4.40%. The average rate on a 5/1 ARM is 3.17% with an APR of 4.20%.
Related: Compare current refinance rates
30-year refinancing rate
The average 30-year fixed-rate mortgage refinance rate held steady at 4.54%. This time last week, the 30-year fixed rate was 4.46%. Today’s rate is below the 52-week high of 3.51%.
The APR on a 30-year fixed is 4.56%. Last week it was 4.47%. The APR 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 $509 per month in principal and interest (excluding taxes and fees) at the current interest rate of 4.54 %. The total interest paid over the term of the loan will be approximately $83,263.
20-year refi rate
The average interest rate on the 20-year fixed refinance mortgage is 4.40%. At this time last week, the 20-year fixed rate mortgage was at 4.37%.
The APR on a 20-year fixed is 4.42%. This time last week it was 4.40%.
A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 4.40% will cost $627 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $50,543 in total interest.
15-year mortgage refinance rate
The average interest rate on the 15-year fixed refinance mortgage is 3.82%. A week ago, the 15-year fixed rate mortgage was at 3.67%. Today’s rate is above the 52-week low of 2.66%.
On a 15-year fixed refinance, the APR is 3.85%. Last week it was 3.70%.
With an interest rate of 3.82%, you would pay $731 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $31,526 in total interest.
30-Year Jumbo Mortgage Refinance Rate
The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 4.56%. Last week, the average rate was 4.49%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 3.48%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 4.56% will pay $3,827 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 $3,827, and you would pay approximately $627,693 in total interest over the life of the loan.
Jumbo refinance rate over 15 years
The average interest rate on the 15-year fixed rate jumbo mortgage refinance is 3.85%. Last week, the average rate was 3.72%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 2.67%.
Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 3.85% will pay $732 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 $5,491, and you would pay approximately $238,461 in total interest over the life of the loan.
5/1 ARM interest rate
On an ARM 5/1, the average rate rose to 3.17% from 3.15% yesterday. The average rate was 3.11% 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 3.17% will pay $431 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.