Editorial note: We earn commissions from affiliate links on Forbes Advisor. The committees do not influence the views or evaluations of our authors.

This is a good time to lock in a low refinancing rate. The average interest rate on a 30-year fixed mortgage refinancing rate has risen today, but interest rates are still at historically low levels.

The average interest rate on a 30-year fixed mortgage is 5.12%, according to Bankrate.com. In a 15-year fixed-term mortgage, the average interest rate is 4.29%. The average interest rate on a 20-year refinancing loan is 4.97%, and the average interest rate on a 5/1 ARM is 3.24%.

**Related:** Compare current refinancing rates

## Fixed 30-year refinancing rates

Today, the average interest rate for refinancing a fixed-rate mortgage for 30 years has risen to 5.12%. One week ago, the 30-year fixed was 4.93%. The current rate is the same as the 52-week high at 3.67%.

At a 30-year fixed mortgage, the APR is 5.14% higher than last week. The APR, or annual interest rate, includes the interest rate of a loan and the financing charges of a loan. It’s the total cost of your loan.

At a rate of 5.12%, a fixed refi for a 30-year mortgage would cost $ 544 a month in principal and interest (excluding taxes and fees) per $ 100,000, according to the Forbes Advisor Mortgage Calculator. You would pay about $ 95,905 in total interest over the life of the loan.

## Fixed interest rate refinancing rates for 20 years

The average interest rate on a 20-year fixed refinancing mortgage loan is 4.97%. One week ago, the 20-year fixed-rate mortgage was at 4.76%.

The APR with a fixed 20 years is 4.99%. This time last week, it was 4.79%.

A 20-year refinancing of $ 100,000 fixed rate mortgages with a current interest rate of 4.97% will cost $ 658 per month in capital and interest. Taxes and fees are not included. During the life of the loan, you would pay about $ 57,992 in total interest.

## Mortgage refinancing rates with a fixed interest rate of 15 years

Today, the 15-year fixed mortgage rate is at 4.29%, higher than it was yesterday. Last week it was 4.15%. The current rate is higher than the 52-week low of 3.00%.

In 15 years of stable refinancing, the APR is 4.32%. Last week it was 4.18%.

At the current interest rate of 4.29%, a 15-year fixed-rate mortgage would cost about $ 754 per month in capital and interest at $ 100,000. You would pay about $ 35,775 in total interest over the life of the loan.

## 30 year Jumbo refinancing rates

The average interest rate for refinancing mortgages with a fixed interest rate of 30 years is 5.13%. One week ago, the average rate was 4.97%. The 30-year fixed interest rate on a large mortgage is higher than the 52-week low of 3.66%.

Borrowers refinancing mortgages with a fixed interest rate of 30 years with a current interest rate of 5.13% will pay $ 545 per month in capital and interest per $ 100,000. This means that in a $ 750,000 loan, the monthly principal and interest payment would be about $ 545 and you would pay about $ 96,126 in total interest over the life of the loan.

## 15-year Jumbo mortgage refinancing rates

The average interest rate on a 15-year fixed-rate mortgage refinancing rate is 4.30%. Last week, the average was 4.19%. The fixed 15-year interest rate on a large mortgage is higher than the 52-week low of 3.01%.

Borrowers refinancing a 15-year fixed-rate mortgage with a current interest rate of 4.30% will pay $ 755 per month in capital and interest per $ 100,000. This means that in a $ 750,000 loan, the monthly principal and interest payment would be about $ 5,661 and you would pay about $ 268,995 in total interest over the life of the loan.

## 5/1 Mortgage refinancing rates with adjustable interest rate

The average interest rate on a 5/1 ARM is at 3.24%, higher than the 52-week low of 2.83%. Last week, the average was 4.36%.

Borrowers with 5/1 ARM $ 100,000 with a current interest rate of 3.24% will pay $ 435 per month in principal and interest.

## Find out when to refinance your home

There are several reasons why you should refinance your home, but many homeowners are considering refinancing when they can lower their interest rate, reduce their monthly payments, or repay their mortgage earlier. Refinancing can also help you gain access to your home equity or eliminate private mortgage insurance (PMI).

Mortgage refinancing can make a lot of sense, especially if you plan to stay home for a while. Even if you have a lower interest rate, you should consider the cost of the loan. Calculate the deadlock where your lower interest rate savings exceed your closing costs by dividing your closing costs by the monthly savings from your new payment.

Our mortgage refinancing computer could help you determine if refinancing is right for you.

## How to get the best refinancing rates

Like when shopping for a home equity loan, when refinancing, see how you can find the lowest refinancing rate:

- Maintain a good credit score
- Consider a shorter term loan
- Reduce the debt-to-income ratio
- Keep an eye on mortgage rates

A stable credit score is not a guarantee that you will approve the refinancing or note the lower interest rate, but it could make your journey easier. Lenders are also more likely to approve you if you do not 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 repaid earlier tend to charge lower interest rates.