May 6, 2022 — Current Refinance Rates Decline – Forbes Advisor

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.

The rate on a 30-year fixed refinance tumbled today.

The average rate on a 30-year fixed mortgage is 5.46% with an APR of 5.48%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.77% with an APR of 4.80%. The 20-year refinance rate is 5.44%. The average rate on a 5/1 ARM is 3.55% with an APR of 4.88%.

Related: Compare Current Refinance Rates

30-Year Fixed-Rate Refinance Rates

Today, the average rate for the 30-year fixed-rate mortgage refinance decreased to 5.46%. At this time last week, the 30-year fixed was 5.49%. The 52-week low is 4.09%.

The APR, or annual percentage rate, on a 30-year fixed is 5.48%. This last week, it was 5.51%. APR is the all-in cost of your loan.

At an interest rate of 5.46%, a 30-year fixed mortgage refi would cost $ 565 per month in principal and interest (not accounting for taxes and fees) per $ 100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $ 103,501 over the life of the loan ..

20-Year Fixed-Rate Mortgage Refinance Rates

The average interest rate on the 20-year fixed refinance mortgage is 5.44%. One week ago, the 20-year fixed-rate mortgage was at 5.55%.

The APR on a 20-year fixed is 5.46%. One week ago, it was 5.57%.

A 20-year fixed-rate mortgage refinance of $ 100,000 with today’s interest rate of 5.44% will cost $ 685 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $ 64,281 in total interest.

15-Year Mortgage Refinance Rate

Today, the 15-year fixed mortgage rate sits at 4.77%, lower than it was one day ago. Last week, it was 4.76% .Today’s rate is higher than the 52-week low of 3.32%.

The annual percentage rate on a 15-year fixed is 4.80%. This time last week, it was 4.80%.
A 15-year fixed-rate mortgage refinance of $ 100,000 with today’s interest rate of 4.77% will cost $ 779 per month in principal and interest. Over the life of the loan, you would pay $ 40,196 in total interest.

30-Year Jumbo Mortgage Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 5.45%. Last week, the average rate was 5.49%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.08%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 5.45% will pay $ 565 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 $ 565, and you’d pay around $ 103,276 in total interest over the life of the loan.

15-Year Jumbo Refi Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance fell to 4.75%. Last week, the average rate was 4.77%. The 15-year fixed rate on a jumbo mortgage is higher than to the 52-week low of 3.31%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 4.75% will pay $ 778 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 $ 5,834, and you’d pay around $ 300,073 in total interest over the life of the loan.

5/1 Adjustable-Rate Mortgage Refinance Rates

The average interest rate on a 5/1 ARM is 3.55%, higher than the 52-week low of 2.83%. Last week, the average rate was 4.66%.

Borrowers with a 5/1 ARM of $ 100,000 with today’s interest rate of 3.55% will pay $ 452 per month in principal and interest.

When You Should Refinance Your Home

There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home’s equity or 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 Today’s 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.

Leave a Comment