Multiple benchmark mortgage refinance rates decreased today.
The national averages for 30-year fixed and 15-year fixed refinances both dropped. Meanwhile, the average rate on 10-year fixed refis also dropped.
Refinancing rates 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 could be a great time to lock in a rate.
30-year fixed refinance
The average 30-year fixed-refinance rate is 3.74 percent, down 13 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.10 percent.
At the current average rate, you’ll pay $462.55 per month in principal and interest for every $100,000 you borrow. That’s down $7.40 from what it would have been last week.
You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be 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 rate for a 15-year fixed refi is 3.26 percent, down 11 basis points since the same time last week.
Monthly payments on a 15-year fixed refinance at that rate will cost around $697 per $100,000 borrowed. That’s clearly 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 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 3.39 percent, down 6 basis points since the same time last week.
Monthly payments on a 10-year fixed-rate refi at 3.39 percent would cost $986.52 per month for every $100,000 you borrow. As you can see, the substantial 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||3.74%||3.87%||-0.13|
|15-year fixed refi||3.26%||3.37%||-0.11|
|10-year fixed refi||3.39%||3.45%||-0.06|
Rates as of April 14, 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 indexabove links out to loan-specific pagesto help our readerslearn more about rates by mortgage type.|
|30-Year Loan||30-Year Mortgage Rates||30-Year Mortgage Refinance Rates|
|20-Year Loan||Current 20 Year Mortgage Rates||Current 20-Year Refinance Rates|
|15-Year Loan||Today’s 15-Year Mortgage Rates||Current 15-Year Refinance Rates|
|10-Year Loan||Current 10 Year Mortgage Rates||10-Year Refi Interest Rates|
|FHA Loan||Current FHA Mortgage Rates||Current FHA Loan Refinance Rates|
|VA Loan||VA Loan Interest Rates||VA Refinance Loan Rates|
|ARM Loan||ARM Loan Rates||ARM Refinance Interest Rates|
|Jumbo Loan||Jumbo Loan Interest 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.”