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June 1, 2022—Increase in Current Refinance Rates – Forbes Advisor

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

The average rate for a 30-year fixed mortgage is 5.41%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.64%. The average rate on a 20-year refinance loan is 5.35% and the average rate on a 5/1 ARM is 3.76%.

Related: Compare current refinance rates

30-year fixed refinancing interest rate

Today, the average 30-year fixed rate mortgage refinance rate rose slightly to 5.41%. A week ago, the 30-year fixed was 5.30%. The 52-week high is 5.62%.

On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 5.42%, higher than it was last week. The APR, or annual percentage rate, consists of the interest rate of a loan and the finance charges of a loan. This is the overall cost of your loan.

At an interest rate of 5.41%, a 30-year fixed mortgage refi would cost $562 per month in principal and interest (excluding taxes and fees) on $100,000, according to mortgage calculator Forbes Advisor. In total interest, you would pay $102,376 over the life of the loan.

20-Year Fixed Rate Mortgage Refinance Rate

The average interest rate on the 20-year fixed refinance mortgage is 5.35%. Last week, the 20-year fixed rate mortgage was at 5.30%.

The APR on a 20-year fixed is 5.37%. This time last week it was 5.32%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 5.35% will cost $679 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $63,066 in total interest.

15-year mortgage refinance rate

The average interest rate on the 15-year fixed refinance mortgage is 4.64%. A week ago, the 15-year fixed rate mortgage was at 4.61%. Today’s rate is above the 52-week low of 3.69%.

On a 15-year fixed refinancing, the annual percentage rate of charge is 4.66%. Last week it was 4.63%.

With an interest rate of 4.64%, you would pay $772 per month in principal and interest for every $100,000 borrowed. Over the term of the loan, you will pay $38,990 in total interest.

30-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 5.42%. Last week, the average rate was 5.28%. The 30-year fixed rate on a jumbo mortgage is above the 52-week low of 4.49%.

Borrowers with a 30-year fixed rate jumbo mortgage refinance with a current interest rate of 5.42% will pay $563 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 $563, and you would pay approximately $102,601 in total interest over the life of the loan.

15-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 15-year fixed rate jumbo mortgage refinance increased to 4.69%. Last week, the average rate was 4.59%. The 15-year fixed rate on a jumbo mortgage is above the 52-week low of 3.72%.

Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 4.69% will pay $775 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 $5,811, and you would pay approximately $295,898 in total interest over the life of the loan.

5/1 ARM interest rate

The average interest rate on a 5/1 ARM is 3.76%, higher than the 52-week low of 2.83%. Last week, the average rate was 4.85%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 3.76% will pay $464 per month in principal and interest.

Know when to refinance your home

You might want to refinance your mortgage for a variety of reasons: to lower your interest rate, reduce your monthly payment, or pay off your loan sooner. You can also use a refinance loan to access equity in your home for other financial needs, such as a renovation project or to pay for your child’s college education. If you paid for private mortgage insurance (PMI), refinancing may also give you the option to waive that cost.

Refinancing your mortgage can be a good idea if you plan to stay in your home for several years. There is, after all, a refinancing cost that will take some time to recover. You will need to know the closing costs of the loan to calculate the break-even point where your savings through a lower interest rate exceeds your closing costs. You can calculate this 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 today’s best refinance rates

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

A strong credit score doesn’t guarantee your refinance will be approved or that you’ll get the lowest rate, but it might make your way easier. Lenders are also more likely to approve you if you don’t 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 paid off sooner tend to charge lower interest rates.