April 4, 2022 — Rates Jump Up – Forbes Advisor

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Refinance rates rose today, but if you’re looking to save on monthly payments or refinance into a shorter loan, you still have an opportunity to lock in a great rate.

As of today, the average rate on a 30-year fixed mortgage is 4.93% with an APR of 4.95%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.15% with an APR of 4.18%. The 20-year refinance rate is 4.76%. The average rate on a 5/1 ARM is 3.15% with an APR of 4.36%.

Related: Compare Current Refinance Rates

30-Year Fixed-Rate Mortgage Refinance Rates

The average rate for the 30-year fixed-rate mortgage refinance rose to 4.93%. One week ago, the 30-year fixed was 4.55%. The 52-week low is 3.56%.

The 30-year fixed mortgage refi APR is 4.95%. At this time last week, it was 4.57%. APR is the all-in cost of your loan.

At an interest rate of 4.93%, a 30-year fixed mortgage refi would cost $ 533 per month in principal and interest (not accounting for taxes and fees) per $ 100,000, according to the Forbes Advisor mortgage calculator. You’d pay about $ 91,719 in total interest over the life of the loan ..

20-Year Fixed-Rate Refinance Rates

The average interest rate on the 20-year fixed refinance mortgage is 4.76%. This same time last week, the 20-year fixed-rate mortgage was at 4.41%.

The APR on a 20-year fixed is 4.79%. Last week, it was 4.44%.

A 20-year fixed-rate mortgage refinance of $ 100,000 with today’s interest rate of 4.76% will cost $ 647 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $ 55,225 in total interest.

15-Year Refinance Rates

Today, the 15-year fixed mortgage rate is 4.15%, higher than it was one day ago. Last week, it was 3.83% .Today’s rate is higher than the 52-week low of 2.87%.

The APR on a 15-year fixed is 4.18%. This time last week, it was 3.86%.

A 15-year fixed-rate mortgage refinance of $ 100,000 with today’s interest rate of 4.15% will cost $ 747 per month in principal and interest. Over the life of the loan, you would pay $ 34,501 in total interest.

30-Year Jumbo Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 4.97%. One week ago, the average rate was 4.57%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 3.57%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 4.97% will pay $ 4,012 per month in principal and interest per $ 100,000. That means that on a $ 750,000 loan, the monthly principal and interest payment would be around $ 4,012, and you’d pay around $ 694,472 in total interest over the life of the loan.

15-Year Jumbo Mortgage Refinance Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance remained unchanged at 4.19%. Last week, the average rate was 3.85%. The 15-year fixed rate on a jumbo mortgage is higher than to the 52-week low of 2.91%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 4.19% will pay $ 749 per month in principal and interest per $ 100,000. That means that on a $ 750,000 loan, the monthly principal and interest payment would be around $ 5,619, and you’d pay around $ 261,481 in total interest over the life of the loan.

5/1 ARM Interest Rates

The average interest rate on a 5/1 ARM sits at 3.15%, higher than the 52-week low of 2.83%. Last week, the average rate was 4.22%.

Borrowers with a 5/1 ARM of $ 100,000 with today’s interest rate of 3.15% will pay $ 430 per month in principal and interest.

When Refinancing Makes Sense

You may want to refinance your home when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).

A home loan refinance may make sense particularly if you plan to remain in your home for awhile. Even if you score a lower interest rate, you need to take the loan costs into consideration. 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 could help you determine if refinancing is right for you.

How to Get the Best Refinance Rates

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

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

A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you do not have excessive monthly debt. You also should 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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