Mortgage refinance rates were mixed, but one key rate rose.
The nationwide average for a 30-year fixed-rate refinance climbed higher, but the average rate on a 15-year fixed decreased. Meanwhile, the average rate on 10-year fixed refis slid lower.
Rates for refinancing are constantly changing, but they remain low by historical standards. If you’re in the market to refinance, it may be a great time to lock in a rate.
30-year fixed refinance
The average 30-year fixed-refinance rate is 3.59 percent, up 1 basis point over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.65 percent.
At the current average rate, you’ll pay $454.08 per month in principal and interest for every $100,000 you borrow. That’s an increase of $0.56 over what you would have paid last week.
You can use Bankrate’s mortgage calculator to figure out your monthly payments and find out 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 3.02 percent, down 19 basis points from a week ago.
Monthly payments on a 15-year fixed refinance at that rate will cost around $687 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 save thousands of dollars 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 3.11 percent, down 21 basis points from a week ago.
Monthly payments on a 10-year fixed-rate refi at 3.11 percent would cost $980.45 per month for every $100,000 you borrow. That hard-to-swallow 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||3.59%||3.58%||+0.01|
|15-year fixed refi||3.02%||3.21%||-0.19|
|10-year fixed refi||3.11%||3.32%||-0.21|
Rates as of May 15, 2020.
Want to see where rates are right now? See refinance rates for a variety of loan options here.
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.”
|Product||Purchase Rates||Refinance Rates|
|The chart above links out to loan-specific pagesto help you learn more about rates by mortgage type.|
|30-Year Loan||Today’s 30-Year Mortgage Rates||30-Year Refinance Interest Rates|
|20-Year Loan||Current 20 Year Mortgage Rates||20-Year Mortgage Refinance Rates|
|15-Year Loan||15-Year Mortgage Rates||Current 15-Year Refinance Rates|
|10-Year Loan||10-Year Mortgage Rates||Current 10-Year Refinance Rates|
|FHA Loan||Current FHA Mortgage Rates||FHA Mortgage Refi Rates|
|VA Loan||VA Mortgage Rates||VA Refi Interest Rates|
|ARM Loan||ARM Interest Rates||ARM Refinance Interest Rates|
|Jumbo Loan||Jumbo Loan Rates||Jumbo Refinance Rates|