November 15, 2021 – Refinancing rates remain low – Forbes Advisor


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It’s a good time to lock in a low refinance rate. The average rate for a 30-year fixed mortgage refinance has remained the same today, keeping rates at historically low levels.

To date, the average rate on a 30-year fixed mortgage is 3.06% with an APR of 3.16%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.39% with an APR of 2.56%. The 20-year refinancing rate is 2.90%. The average rate on a 5/1 ARM is 2.85% with an APR of 4.14%.

Related: Compare current mortgage rates

30-year fixed-rate mortgage refinancing rate

Today, the average 30-year fixed-rate mortgage refinance rate stood at 3.06%. At the same time last week, the 30-year fixed rate was 3.18%.

The APR on a 30-year fixed rate is 3.16%. Last week it was 3.29%. The APR is the overall cost of your loan.

At an interest rate of 3.06%, a 30-year fixed mortgage refi would cost $ 425 per month in principal and interest (not including taxes and fees) for $ 100,000, according to the loan calculator. Forbes Mortgage Advisor. In total interest, you would pay $ 52,945 over the life of the loan.

20-year refinancing rate

The average interest rate on the 20-year fixed refinance mortgage is 2.90%. Last week, the 20-year fixed rate mortgage was at 3.00%. Today’s rate is higher than the 52-week low of 2.80%.

The APR on a 20-year fixed rate is 3.01%. Last week it was 3.12%.

A 20-year fixed rate mortgage refinance of $ 100,000 with a current interest rate of 2.90% will cost $ 550 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay approximately $ 31,905 in total interest.

15-year refinancing rate

Today, the 15-year fixed mortgage rate stands at 2.39%, the same as it was at this time yesterday. Last week it was 2.47%. Today’s rate is above the 52-week low of 2.31%.

The APR on a 15-year fixed rate is 2.56%. This time last week it was 2.64%.

A 15-year fixed rate mortgage refinance of $ 100,000 with a current interest rate of 2.39% will cost $ 662 per month in principal and interest. Over the life of the loan, you would pay $ 19,092 in total interest.

Giant refinancing rate over 30 years

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 3.05%. Last week, the average rate was 3.18%.

Borrowers with a 30-year fixed rate jumbo mortgage refinance with a current interest rate of 3.05% will pay $ 3,182 per month in principal and interest in increments of $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately $ 3,182, and you would pay approximately $ 395,625 in total interest over the life of the loan.

Giant 15-year mortgage refinancing rate

The average interest rate on a 15 year fixed rate jumbo mortgage refinance is 2.38%. Last week, the average rate was 2.47%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with a current interest rate of 2.38% will pay $ 661 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 $ 4,959, and you would pay approximately $ 142,559 in total interest over the life of the loan.

5/1 ARM interest rate

The average interest rate on a 5/1 ARM stands at 2.85%, higher than the 52 week low of 2.83%. Last week, the average rate was 4.14%.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.85% will pay $ 414 per month in principal and interest.

Know when to refinance your home

A home loan refinance can make sense, especially if you plan to stay in your home for a while. Even if you get a lower interest rate, you have to factor in the costs of the loan. Calculate the break-even point where your savings from a lower interest rate exceed 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 The 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:

  • Maintain a good credit rating
  • Consider a short term loan
  • Lower your debt-to-income ratio
  • Monitor mortgage rates

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