Several key mortgage refinance rates declined today.
The average for a 30-year fixed-rate refinance declined, but the average rate on a 15-year fixed refinance held steady. The average rate on 10-year fixed refis, meanwhile, were down.
Rates for refinancing 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 may be a great time to lock in a rate.
30-year fixed refinance
The average 30-year fixed-refinance rate is 3.73 percent, down 17 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.22 percent.
At the current average rate, you’ll pay $461.98 per month in principal and interest for every $100,000 you borrow. That’s $9.69 lower, compared with last week.
You can use Bankrate’s mortgage calculator to figure out 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 3.30 percent, unchanged over the last week.
Monthly payments on a 15-year fixed refinance at that rate will cost around $699 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage 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 3.33 percent, down 19 basis points from a week ago.
Monthly payments on a 10-year fixed-rate refi at 3.33 percent would cost $989.80 per month for every $100,000 you borrow. If you can manage that hefty monthly payment, you’ll enjoy even more interest cost savings 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||3.73%||3.90%||-0.17|
|15-year fixed refi||3.30%||3.30%||N/C|
|10-year fixed refi||3.33%||3.52%||-0.19|
Rates as of April 10, 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.”