Multiple closely watched mortgage refinance rates decreased today.
Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down. The average rate on 10-year fixed refis, meanwhile, also ticked downward.
Rates for refinancing are constantly changing, but, overall, they are very low by historical standards. 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 3.64 percent, down 3 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.94 percent.
At the current average rate, you’ll pay $456.90 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $1.69 lower.
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 3.16 percent, down 1 basis point since the same time last week.
Monthly payments on a 15-year fixed refinance at that rate will cost around $695 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 3.30 percent, down 6 basis points over the last seven days.
Monthly payments on a 10-year fixed-rate refi at 3.30 percent would cost $982.31 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? 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||3.64%||3.67%||-0.03|
|15-year fixed refi||3.16%||3.17%||-0.01|
|10-year fixed refi||3.30%||3.36%||-0.06|
Rates as of April 27, 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 content to help you learn more about rates by loan type.|
|30-Year Loan||30-Year Mortgage Rates||Current 30 Year Refinance Rates|
|20-Year Loan||20-Year Mortgage Rates||20-Year Refinance Interest Rates|
|15-Year Loan||Current 15 Year Mortgage Rates||15-Year Mortgage Refinance Rates|
|10-Year Loan||10-Year Mortgage Rates||Current 10-Year Refinance Rates|
|FHA Loan||Current FHA Mortgage Rates||FHA Refinance Interest Rates|
|VA Loan||VA Loan Rates||Current VA Refinance Rates|
|ARM Loan||ARM Interest Rates||Current ARM Refinance Rates|
|Jumbo Loan||Current Jumbo Mortgage Rates||Current Jumbo 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.”