Several closely watched mortgage refinance rates rose today.
The average rate nationwide for a 30-year fixed-rate refinance climbed, but the average rate on a 15-year fixed dropped. The average rate on 10-year fixed refis, meanwhile, climbed.
Refinancing rates change daily, but they continue to represent a bargain compared to rates before the Great Recession. If you’re in the market to refinance, it could 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 3.58 percent, up 1 basis point over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.73 percent.
At the current average rate, you’ll pay $453.52 per month in principal and interest for every $100,000 you borrow. That’s an additional $0.56 per $100,000 compared with last week.
You can use Bankrate’s mortgage calculator to estimate your monthly payments and see how much you’ll save by 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 for a 15-year refi is currently running at 3.21 percent, down 1 basis point over the last week.
Monthly payments on a 15-year fixed refinance at that rate will cost around $696 per $100,000 borrowed. That’s obviously much higher than the monthly payment would be on a 30-year mortgage at that rate, 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 3.32 percent, up 4 basis points over the last week.
Monthly payments on a 10-year fixed-rate refi at 3.32 percent would cost $978.59 per month for every $100,000 you borrow. That’s a lot more than the monthly payment on even a 15-year refinance, but in return you’ll pay even less in interest 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||3.58%||3.57%||+0.01|
|15-year fixed refi||3.21%||3.22%||-0.01|
|10-year fixed refi||3.32%||3.28%||+0.04|
Rates as of May 8, 2020.
Want to see where rates are right now? See refinance rates for a variety of loan options here.
|Loan term||Purchase Rates||Refinance Rates|
|The index above links out to loan-specific pagesto help our readers learn more about rates by mortgage type.|
|30-Year Loan||30-Year Mortgage Rates||Current 30 Year Refinance Rates|
|20-Year Loan||Current 20 Year Mortgage Rates||20-Year Mortgage Refinance Rates|
|15-Year Loan||15-Year Mortgage Rates||15-Year Refinance Rates|
|10-Year Loan||10-Year Mortgage Interest Rates||10-Year Refi Interest Rates|
|FHA Loan||FHA Mortgage Rates||FHA Mortgage Refi Rates|
|VA Loan||Current VA Mortgage Rates||Current VA Refinance Rates|
|ARM Loan||ARM Interest Rates||ARM Refi Mortage Rates|
|Jumbo Loan||Jumbo Loan Interest Rates||Jumbo Mortgage 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.”