June 10, 2022—Current Refinance Rates Increasing Slowly – Forbes Advisor

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The rate on a 30-year fixed refinance went up today.

The average rate on a 30-year fixed mortgage is 5.61% with an APR of 5.62%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.76% with an APR of 4.77%. The 20-year refinancing rate is 5.59%. The average rate on a 5/1 ARM is 3.83% with an APR of 5.01%.

Related: Compare Current Refinance Rates

30-year refinance fixed interest rates

Today, the average rate for 30-year fixed-rate mortgage refinancing increased to 5.61%. Last week, the 30-year fixed rate was 5.43%. The 52-week high is 5.62%.

The 30-year fixed mortgage refinance APR (Annual Percentage Rate) is 5.62%. At this time last week, it was 5.44%. APR is the total cost of your loan.

At the current interest rate of 5.61%, a 30-year fixed mortgage refinance would cost $575 per month in principal and interest (not including taxes and fees) per $100,000, according to the Forbes Advisor Mortgage Calculator . In full interest, you would pay $106,896 over the life of the loan.

20-year refinance rates

The average interest rate on a 20-year fixed refinance mortgage is 5.59%. A week ago, the 20-year fixed-rate mortgage was at 5.40%.

The APR on a 20-year fixed term is 5.60%. Last week, it was 5.41%.

A $100,000 20-year fixed-rate mortgage refinance with a current interest rate of 5.59% will cost $693 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay about $66,315 in total interest.

15 Year Fixed Rate Mortgage Refinance Rates

Today, the 15-year fixed mortgage rate stands at 4.76%, lower than yesterday at this time. Last week, it was 4.63%. Today’s rate is higher than the 52-week low of 4.12%.

On a 15-year fixed refinance, the APR is 4.77%. Last week it was 4.65%.

At the current interest rate of 4.76%, a 15-year fixed-rate mortgage would cost approximately $778 per month in principal and interest per $100,000. You would pay about $40,103 in total interest over the life of the loan.

30 Year Jumbo Mortgage Refinance Rates

The average interest rate on a 30-year fixed-rate jumbo mortgage refinance is 5.61%. A week ago, the average rate was 5.45%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week minimum of 4.87%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance at the current interest rate of 5.61% will pay $575 per month in principal and interest per $100,000.

15 Year Jumbo Mortgage Refinance Rates

The average interest rate on 15-year fixed-rate jumbo mortgage refinances fell to 4.77%. Last week, the average rate was 4.66%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week minimum of 4.07%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance at the current interest rate of 4.77% will pay $779 per month in principal and interest per $100,000. That means on a $750,000 loan, your monthly principal and interest payment would be about $5,841, and you’d pay about $301,467 in total interest over the life of the loan.

ARM 5/1 Refinance Rates

The average interest rate on a 5/1 ARM is 3.83%, higher than the 52-week low of 2.83%. Last week, the average rate was 4.84%.

Borrowers with a $100,000 5/1 ARM at the current interest rate of 3.83% will pay $468 per month in principal and interest.

When should you refinance your home?

You may want to refinance your home mortgage for a variety of reasons: to lower your interest rate, lower your monthly payments, or pay off your loan sooner. You can also use a refinance loan to access your home equity for other financial needs, like a remodeling project or paying for your child’s college. If you’ve been paying for private mortgage insurance (PMI), refinancing can also give you a chance to get rid of that cost.

Refinancing a home loan can make sense, especially if you plan to stay in your home for a while. Even if you get a lower interest rate, you still need to consider the costs of the loan. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs by dividing your closing costs by the monthly savings from your new payment.

Our mortgage refinance calculator may help you determine if refinancing is right for you.

How to qualify for today’s best refinance rates

Just like when you shopped for a mortgage when you bought your home, when you refinance, here’s how you can find the lowest refinance rate:

  • Maintain a good credit score
  • Consider a short-term loan
  • Lower your debt-to-income ratio
  • Monitor mortgage rates

A strong credit score isn’t a guarantee that you’ll get approved for your refinance or get the lowest rate, but it might ease your way. You’re also more likely to be approved by lenders if you don’t have excessive monthly debt. You should also keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.

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