Multiple key mortgage refinance rates receded today.
The average rate nationwide for a 30-year fixed-rate refinance was down, but the average rate on a 15-year fixed rose. The average rate on 10-year fixed refis, meanwhile, fell.
Rates for refinancing 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 be a great time to lock in a rate.
30-year fixed refinance
The average 30-year fixed-refinance rate is 3.57 percent, down 5 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.90 percent.
At the current average rate, you’ll pay $452.96 per month in principal and interest for every $100,000 you borrow. That represents a decline of $2.81 over what it would have been 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 15-year fixed refi average rate is now 3.22 percent, up 3 basis points since the same time last week.
Monthly payments on a 15-year fixed refinance at that rate will cost around $696 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 more rapidly.
10-year fixed refinance
The average rate for a 10-year fixed-refinance loan is 3.28 percent, down 6 basis points over the last seven days.
Monthly payments on a 10-year fixed-rate refi at 3.28 percent would cost $981.38 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||3.57%||3.62%||-0.05|
|15-year fixed refi||3.22%||3.19%||+0.03|
|10-year fixed refi||3.28%||3.34%||-0.06|
Rates as of May 1, 2020.
Want to see where rates are right now? See refinance rates for a variety of loan options here.
|Loan Type||Purchase Rates||Refinance Rates|
|The index above links out to loan-specific content to help our readers learn more about rates by product type.|
|30-Year Loan||Current 30 Year Mortgage Rates||30-Year Refinance Interest Rates|
|20-Year Loan||20-Year Fixed Mortgage Rates||Current 20-Year Refinance Rates|
|15-Year Loan||15-Year Mortgage Interest Rates||15-Year Mortgage Refinance Rates|
|10-Year Loan||10-Year Mortgage Interest Rates||10-Year Refinance Rates|
|FHA Loan||Current FHA Mortgage Rates||FHA Refinance Interest Rates|
|VA Loan||VA Mortgage Interest Rates||VA Refinance Loan Rates|
|ARM Loan||ARM Loan Rates||ARM Refinance Interest Rates|
|Jumbo Loan||Current Jumbo Mortgage Rates||Jumbo Refi Interest 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.”