September 29, 2022 – Lower current refinance rates – Forbes Advisor

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The rate on a 30-year fixed refinance slipped today.

The average rate on a 30-year fixed mortgage refinance is 6.96%, according to Bankrate.com, while the average rate on a 15-year mortgage refinance is 6.10%. On a 20-year mortgage refinance, the average rate is 6.95% and the average rate on a 5/1 ARM is 5.12%.

Related: Compare current refinance rates

September 29, 2022 refinancing rate

30-Year Fixed Rate Mortgage Refinance Rate

The average 30-year fixed rate mortgage refinance rate fell to 6.96% from yesterday. This time last week, the 30-year fixed rate was 6.55%. The 52-week high is 7.04%.

The 30-year fixed mortgage refi (annual annual percentage rate) is 6.97%. At the same time last week, it was 6.56%. The APR is the overall cost of your loan.

At the current interest rate of 6.96%, a 30-year fixed mortgage refi would cost $663 per month in principal and interest (excluding taxes and fees) for $100,000, according to mortgage calculator Forbes Advisor. In total interest, you would pay $138,543 over the life of the loan.

20-year refi rate

The average interest rate on the 20-year fixed refinance mortgage is 6.95%. A week ago, the 20-year fixed rate mortgage was at 6.53%.

The APR on a 20-year fixed is 6.97%. A week ago it was 6.55%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 6.95% will cost $772 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $85,352 in total interest.

15-year mortgage refinance rate

Today, the 15-year fixed mortgage rate is 6.10%, lower than it was yesterday. Last week it was 5.75%. Today’s rate is above the 52-week low of 4.57%.

On a 15-year fixed refinancing, the annual percentage rate of charge is 6.13%. Last week it was 5.78%.

A $100,000 15-year fixed rate mortgage refinance with a current interest rate of 6.10% will cost $849 per month in principal and interest. Over the term of the loan, you will pay $52,868 in total interest.

30-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 6.97%. A week ago, the average rate was 6.55%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 5.20%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 6.97% will pay $663 per month in principal and interest per $100,000.

Jumbo Refi rate over 15 years

The average interest rate on the 15-year fixed rate jumbo mortgage refinance dropped to 6.09%. Last week, the average rate was 5.74%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.51%.

Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 6.09% will pay $849 per month in principal and interest per $100,000. This means that on a $750,000 loan, the monthly principal and interest payment would be approximately $6,365, and you would pay approximately $395,781 in total interest over the life of the loan.

5/1 ARM Refinance Rate

The average interest rate on a 5/1 ARM sits at 5.12%, above the 52-week low of 2.83%. Last week, the average rate was 6.74%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 5.12% will pay $544 per month in principal and interest.

When should you refinance your home

You might want to refinance your mortgage for a variety of reasons: to lower your interest rate, reduce your monthly payment, or pay off your loan sooner. You can also use a refinance loan to access equity in your home for other financial needs, such as a renovation project or to pay for your child’s college education. If you paid for private mortgage insurance (PMI), refinancing may also give you the option to waive that cost.

A home loan refinance can be a good idea, especially if you plan to stay in your home for a while. Even if you get a lower interest rate, you have to consider the cost of the loan. Calculate the break-even point where your savings from a lower interest rate exceeds your closing costs by dividing your closing costs by the monthly savings from your new payment.

Our Mortgage Refinance Calculator can help you determine if refinancing is right for you.

How to get today’s best refinance rates

Just like when shopping for a mortgage when buying your home, when you refinance, here’s how you can find the lowest refinance rate:

A strong credit score isn’t a guarantee that you’ll get your refinance approved or that you’ll get the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You should also keep an eye on mortgage rates for different loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.

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