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Refinancing rates have risen today, but if you want to save money on monthly payments or refinance on a smaller loan, you still have the opportunity to secure a great interest rate.

The average interest rate on a 30-year fixed mortgage is 5.30%, according to Bankrate.com. In a 15-year fixed-term mortgage, the average interest rate is 4.52%. The average interest rate on a 20-year refinancing loan is 5.17%, and the average interest rate on an ARM 5/1 is 3.35%.

**Related:** Compare current refinancing rates

## 30-year refinancing rates

Today, the average interest rate for refinancing a fixed-rate mortgage for 30 years has risen to 5.30%. One week ago, the 30-year fixed was 5.12%. The current rate is the same as the 52-week high at 3.76%.

The APR with a fixed 30 years is 5.32%. This past week, it was 5.14%. APR is the total cost of your loan.

At a rate of 5.30%, a fixed refi for a 30-year mortgage would cost $ 555 a month in principal and interest (excluding taxes and fees) per $ 100,000, according to the Forbes Advisor Mortgage Calculator. The total interest paid over the life of the loan will be approximately $ 99,910.

## Refi prices 20 years

The average interest rate on a 20-year fixed refinancing mortgage loan is 5.17%. Last week, the 20-year fixed-rate mortgage was 4.97%.

The APR with a fixed 20 years is 5.19%. A week ago, it was 4.99%.

A 20-year refinancing of $ 100,000 fixed rate mortgages at the current interest rate of 5.17% will cost $ 669 per month in principal and interest. Taxes and fees are not included. During the life of the loan, you would pay about $ 60,652 in total interest.

## 15-year refinancing rates

The average interest rate on a 15-year fixed refinancing mortgage loan remained at 4.52%. Last week, the 15-year fixed-rate mortgage was 4.29%. The current rate is higher than the 52-week low of 3.12%.

The APR with a fixed 15 years is 4.55%. This time last week, it was 4.32%.

At the current interest rate of 4.52%, a 15-year fixed-rate mortgage would cost about $ 766 per month in capital and interest per $ 100,000. You would pay about $ 37,883 in total interest over the life of the loan.

## 30-year Jumbo mortgage refinancing rates

The average interest rate for refinancing mortgages with a fixed interest rate of 30 years is 5.27%. One week ago, the average rate was 5.13%. The 30-year fixed interest rate on a large mortgage is higher than the 52-week low of 3.74%.

Borrowers refinancing mortgages with a fixed interest rate of 30 years with a current interest rate of 5.27% will pay $ 553 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 $ 553 and you would pay about $ 99,240 in total interest over the life of the loan.

## Prices Jumbo Refi 15 years old

The average interest rate on 15-year mortgage refinancing with a fixed interest rate was 4.54%. Last week, the average was 4.30%. The fixed 15-year interest rate on a large mortgage is higher than the 52-week low of 3.15%.

Borrowers refinancing mortgages with a fixed interest rate of 15 years with a current interest rate of 4.54% will pay $ 767 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 $ 5,753 and you would pay about $ 285,503 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 3.35%, higher than the 52-week low of 2.83%. Last week, the average was 4.43%.

Borrowers with 5/1 ARM $ 100,000 with current interest rate of 3.35% will pay $ 441 per month in principal and interest.

## When refinancing makes sense

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).

Refinancing your mortgage can make sense if you plan to stay in your home for several years. There is, finally, a cost to refinancing that will take some time to recover. You will need to know the cost of closing the loan to calculate the deadlock where your savings from a lower interest rate exceed the cost of closing you. You can calculate it by dividing the closing cost by the monthly savings from your new payment.

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

## How to qualify for 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 fixed 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.