Several key refinance rates receded today.
Average rates nationwide for 30-year fixed and 15-year fixed refinances both decreased. Meanwhile, the average rate on 10-year fixed refis also sunk lower.
Refinancing rates are in a constant state of flux, but they have remained in a historically low range for quite some time. If you're in the market to refinance, it may make sense to go ahead and lock if you see a rate you like.
30-year fixed refinance
The average 30-year fixed-refinance rate is 3.80 percent, down 8 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.01 percent.
At the current average rate, you'll pay $465.96 per month in principal and interest for every $100,000 you borrow. That's a decline of $4.56 from last week.
You can use Bankrate's mortgage calculator to figure out your monthly payments and see what the effects of making extra payments would be. It will also help you calculate how much interest you'll pay over the life of the loan.
15-year fixed refinance
The average for a 15-year refi is currently running at 3.03 percent, down 6 basis points
since the same time last week.
Monthly payments on a 15-year fixed refinance at that rate will cost around $692 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll come out thousands of dollars ahead over the life of the loan in total interest paid and build equity much faster.
10-year fixed refinance
The average rate for a 10-year fixed-refinance rate is 3.01 percent, down 2 basis points over the last week.
Monthly payments on a 10-year fixed-rate refi at 3.01 percent would cost $966.07 per month for every $100,000 you borrow. As you can see, the big savings in interest costs you'll reap with that short 10-year term comes with the downside of a much larger monthly payment.
Where rates are headed
To see where Bankrate's panel of experts expect rates to go from here, check out our Rate Trend Index.
Want to see where rates are right now? See local mortgage rates.
|30-year fixed refi||3.80%||0.08||3.88%|
|15-year fixed refi||3.03%||0.06||3.09%|
|10-year fixed refi||3.01%||0.02||3.03%|
Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile -- they help consumers see the movement of rates day to day. The institutions included in the "Bankrate.com Site Average" tables will be different from one day to the next, depending on which institutions' rates we gather on a particular day for presentation on the site.
To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."