Several closely watched mortgage refinance rates climbed today.
The national averages on 30-year fixed and 15-year fixed refinances both were higher. Meanwhile, the average rate on 10-year fixed refis also climbed higher.
Rates for refinancing change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market to refinance, it could be a great time to lock in a rate.
30-year fixed refinance
The average 30-year fixed-refinance rate is 3.61 percent, up 2 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.82 percent.
At the current average rate, you’ll pay $455.21 per month in principal and interest for every $100,000 you borrow. That’s up $1.13 from what it would have been last week.
You can use Bankrate’s mortgage calculator to figure out your monthly payments and see the effect of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed refinance
The average rate for a 15-year fixed refi is 3.23 percent, up 9 basis points over the last seven days.
Monthly payments on a 15-year fixed refinance at that rate will cost around $697 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment 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 loan is 3.36 percent, up 4 basis points over the last week.
Monthly payments on a 10-year fixed-rate refi at 3.36 percent would cost $980.45 per month for every $100,000 you borrow. That whopper of a monthly payment comes with the benefit of paying even less interest over the life of the loan than you would with a 15-year term.
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? Lenders nationwide respond to Bankrateâ€™s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:
|30-year fixed refi||3.61%||3.59%||+0.02|
|15-year fixed refi||3.23%||3.14%||+0.09|
|10-year fixed refi||3.36%||3.32%||+0.04|
Rates as of May 7, 2020.
Want to see where rates are right now? See refinance rates for a variety of loan options here.
|Product||Purchase Rates||Refinance Rates|
|The chart above links out to loan-specific content to help our readers learn more about rates by mortgage type.|
|30-Year Loan||Today’s 30-Year Mortgage Rates||30-Year Mortgage Refinance Rates|
|20-Year Loan||20-Year Mortgage Rates||20-Year Mortgage Refinance Rates|
|15-Year Loan||Current 15 Year Mortgage Rates||15-Year Mortgage Refinance Rates|
|10-Year Loan||10-Year Mortgage Interest Rates||10-Year Refi Interest Rates|
|FHA Loan||FHA Loan Interest Rates||Current FHA Loan Refinance Rates|
|VA Loan||Current VA Mortgage Rates||VA Refi Interest Rates|
|ARM Loan||Adjustable Rate Mortgage Rates||ARM Refi Mortage Rates|
|Jumbo Loan||Current Jumbo Mortgage Rates||Jumbo Loan Refinance Rates|
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.”