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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 4.88%, according to Bankrate.com. In a 15-year fixed mortgage, the average interest rate is 4.15%. The average interest rate on a 20-year refinancing loan is 4.78%, and the average interest rate on a 5/1 ARM loan is 3.18%.

**Related:** Compare current refinancing rates

## Mortgage refinancing rates with a fixed interest rate of 30 years

Today, the average interest rate on refinancing fixed-rate mortgages for 30 years has risen to 4.88%. Right now last week, the 30-year fixed was 4.92%. The 52-week low is 3.65%.

The APR with a fixed mortgage loan of 30 years is 4.89%. This period last week, it was 4.93%. APR is the total cost of your loan.

At a rate of 4.88%, a fixed refi for a 30-year mortgage would cost $ 530 a month in principal and interest (excluding taxes and fees) per $ 100,000, according to the Forbes Advisor Mortgage Calculator. You would pay about $ 90,624 in total interest over the life of the loan.

## Refi prices 20 years

The average interest rate on a 20-year fixed refinancing mortgage loan is 4.78%. One week ago, the 20-year fixed-rate mortgage was at 4.74%.

The APR with a fixed 20 years is 4.81%. This time last week, it was 4.77%.

A 20-year refinancing of $ 100,000 fixed rate mortgages with a current interest rate of 4.78% will cost $ 648 per month in capital and interest. Taxes and fees are not included. During the life of the loan, you would pay about $ 55,487 in total interest.

## Fixed 15-year refinancing rates

The average interest rate on a 15-year fixed refinancing mortgage loan remained at 4.15%. Last week, the 15-year fixed-rate mortgage was 4.12%. The current rate is higher than the 52-week low of 2.96%.

The APR in a fixed 15 years is 4.18%. This time last week, it was 4.15%.

A 15-year refinancing of $ 100,000 fixed rate mortgages with a current interest rate of 4.15% will cost $ 747 per month in capital and interest. During the life of the loan, you would pay $ 34,501 in total interest.

## 30 year Jumbo refinancing rates

The average interest rate for refinancing mortgages with a fixed interest rate of 30 years is 4.87%. Last week, the average 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 30-year fixed-rate mortgages with a current interest rate of 4.87% will pay $ 3,967 a month in principal and interest at $ 100,000. This means that in a $ 750,000 loan, the monthly principal and interest payment would be about $ 3,967 and you would pay about $ 678,043 in total interest over the life of the loan.

## 15-year Jumbo mortgage refinancing rates

The average interest rate on 15-year fixed-rate mortgage refinancing fell to 4.14%. 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 3.00%.

Borrowers with 15 years of refinancing fixed rate mortgages at the current interest rate of 4.14% will pay $ 747 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 $ 5,600 and you would pay about $ 258,076 in total interest over the life of the loan.

## 5/1 ARM interest rates

The average interest rate on a 5/1 ARM is 3.18%, higher than the 52-week low of 2.83%. Last week, the average was 4.31%.

Borrowers with 5/1 ARM $ 100,000 with current interest rate of 3.18% will pay $ 431 per month in principal and interest.

## When refinancing makes sense

You may want to refinance your home mortgage for a number of reasons: to lower your interest rate, reduce your monthly payments or repay your loan earlier. You may also be able to use a refinancing loan to access your home equity for other financial needs, such as a remodeling project or to pay for your child’s college. If you pay private mortgage insurance (PMI), refinancing can also give you the opportunity to cover these costs.

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 will 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 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.