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January 4, 2022 – Refinancing rates rise – Forbes Advisor


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Refinance rates have gone up today, but whether you’re looking to save on monthly payments or refinance on a shorter loan, you still have the option of locking in for a great rate.

To date, the average rate for a 30-year fixed mortgage is 3.32% with an APR of 3.40%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.55% with an APR of 2.70%. The 20-year refinancing rate is 3%. The average rate on a 5/1 MRA is 2.86% with an APR of 4.14%.

Related: Compare current mortgage refinancing rates

30-year refinancing rate

The average 30-year fixed-rate mortgage refinancing rate rose to 3.32%. Around the same time last week, the 30-year fixed rate was 3.24%. The 52 week high is 2.56%.

The APR on a 30-year fixed rate is 3.40%. Last week it was 3.33%. The APR is the overall cost of your loan.

According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed rate mortgage of $ 100,000 will pay $ 439 per month in principal and interest (not including taxes and fees) at the rate of. current interest of 3.32%. You would pay approximately $ 58,061 in total interest over the life of the loan.

20-year refi rate

The average interest rate on the 20 year fixed refinance mortgage is 3%. Last week, the 20-year fixed rate mortgage was at 3%.

The APR on a 20-year fixed rate is 3%. Last week it was 3%.

A 20 year fixed rate mortgage refinance of $ 100,000 with a current interest rate of 3% will cost $ 562 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay approximately $ 34,913 in total interest.

15-year mortgage refinancing rate

The average interest rate on the 15-year fixed refinance mortgage remained at 2.55%. A week ago, the 15-year fixed rate mortgage was at 2.47%. Today’s rate is higher than the 52-week low of 2.39%.

The APR on a 15-year fixed rate is 2.70%. This time last week it was 2.62%.

With an interest rate of 2.55%, you would pay $ 669 per month in principal and interest for every $ 100,000 borrowed. Over the life of the loan, you would pay $ 20,446 in total interest.

Giant 30-year mortgage refinancing rate

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 3.33%. Last week, the average rate was 3.25%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 2.37%.

Borrowers on a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 3.33% will pay $ 3,297 per month in principal and interest per $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,297, and you would pay approximately $ 436,945 in total interest over the life of the loan.

Jumbo Refi rates over 15 years

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance climbed to 2.56%. Last week, the average rate was 2.45%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 2.37%.

Borrowers on a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 2.56% will pay $ 670 per month in principal and interest per $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 5,022, and you would pay approximately $ 153,983 in total interest over the life of the loan.

5/1 ARM interest rate

The average interest rate on a 5/1 ARM stands at 2.86%, higher than the 52 week low of 2.83%. Last week, the average rate was 4.15%.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.86% will pay $ 414 per month in principal and interest.

When should you refinance your home

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

A home loan refinance can make sense, especially if you plan to stay in your home for a while. Even if you get a lower interest rate, you have to factor in the costs of the loan. 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 can help you determine if refinancing is right for you.

How To Get The Best Refinance Rates

Just like when shopping for a mortgage when buying your home, here’s how you can find the lowest refinance rate when you refinance:

A strong credit rating doesn’t guarantee that your refinance will be approved or that you’ll get the lowest rate, but it might make it easier for you. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You should also keep an eye on the mortgage rates for the different loan terms. They fluctuate frequently, and loans that need to be repaid sooner tend to charge lower interest rates.