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The rate on a 30-year fixed refinance inched up today.
The average rate on a 30-year fixed mortgage refinance is 7.52%, according to Curinos, while the average rate on a 15-year mortgage refinance is 6.74%. On a 20-year mortgage refinance, the average rate is 7.37%.
Related: Compare Current Refinance Rates
Refinance Rates for March 19, 2024
| Loan Term | Rate | Change | Rate Yesterday |
|---|---|---|---|
30-Year Fixed Refinance Rate | 7.52% | 3.00% | 7.49% |
20-Year Fixed Refinance Rate | 7.37% | 5.00% | 7.32% |
15-Year Fixed Refinance Rate | 6.74% | 4.00% | 6.70% |
30-Year Jumbo Refinance Rate | 7.41% | -0.01 | 7.42% |
15-Year Jumbo Refinance Rate | 7.18% | 0 | 7.18% |
30-Year Fixed Refinance Interest Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.52%, compared to 7.35% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.56%, compared to 7.40% last week. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.
At the current interest rate of 7.52%, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $701 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $152,260.
20-Year Refinance Interest Rates
For a 20-year fixed refinance mortgage, the average interest rate is currently 7.37% compared to 7.12% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.40%. That compares to 7.17% at the same time last week.
At today’s interest rate of 7.37%, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $798 per month in principal and interest—not including taxes and fees. That would equal about $91,468 in total interest over the life of the loan.
15-Year Refinance Interest Rates
Today, the 15-year fixed mortgage rate is 6.74%, higher than it was at this time yesterday. Last week, it was 6.58%.
The annual percentage rate on a 15-year fixed is 6.73%. This time last week, it was 6.57%.
A 15-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 6.74% will cost $884 per month in principal and interest. Over the life of the loan, you would pay $59,204 in total interest.
30-Year Jumbo Refinance Interest Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.41%. Last week, the average rate was 7.30%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.41% will pay $693 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Interest Rates
A 15-year, fixed-rate jumbo mortgage refinance is 7.18%, on average, compared to the average of 7.18% last week.
At today’s interest rate of 7.18%, a borrower with a 15-year, fixed-rate jumbo refinance would pay $6,816 per month in principal and interest on a $750,000 loan. Over the life of the loan, that borrower would pay around $476,816 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
Refinance rates are different from mortgage rates and tend to be slightly higher. The rate difference can vary by program and is something to consider as you compare the best mortgage refinance lenders.
In addition to having different refinance rates for conventional, FHA, VA and jumbo applications, cash-out refinance rates are higher as you’re borrowing from your available equity.
Rates for government-backed loan programs such as FHA and VA mortgage refinances can be lower than a conventional or jumbo refinance, as there is less risk for lenders. Still, you should compare your estimated loan’s annual percentage rate (APR), which includes all additional fees and determines the interest charges.
Know When To Refinance Your Home
Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home’s equity or get rid ofprivate mortgage insurance (PMI).
But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you’ll be keeping your home for some time. You can determine the “break-even point” for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you’ll realize with the new mortgage.
The Forbes Advisor mortgage refinance calculator can help you run the numbers to see if it’s a good time for you to refinance.
Is Now a Good Time To Refinance?
Now may be a good time to refinance if you can reduce your monthly payment by getting a better interest rate or adjusting your repayment period.
While refinance rates are at multi-year highs, you may qualify for a competitive rate if your credit has improved since getting your existing mortgage or by switching to a shorter loan term, such as a 15-year mortgage. Refinancing from a government-backed loan to a conventional loan with at least 20% equity helps you waive private mortgage insurance, FHA mortgage insurance premiums or the USDA guarantee fees.
There are multiple mortgage refinance options to consider and some that let you tap your home equity.
Consider avoiding refinancing if you can’t get a better rate or reduce your monthly payment. Additionally, you will need to pay closing costs and the application process can be lengthy. These hindrances may exceed the potential benefits of refinancing.
How To Get Today’s Best Refinance Rates
Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing get a good mortgage rate:
- Improve your credit
- Consider a shorter loan term
- Lower your debt-to-income ratio
- Watch mortgage rates
There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other financial institutions are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.
Frequently Asked Questions (FAQs)
How do you find the best refinancing lender?
You should always shop around when you’re trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you’re able to communicate well with the lender you want to choose. In a bumpy housing market, you’ll probably be in touch with the lender more often than you realize.
How soon can you refinance a mortgage?
Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure.
How much does it cost to refinance a mortgage?
Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It’s always a good idea to ask the lender what kind of closing costs they’ll charge before you decide to borrow from them.
