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The rate on a 30-year fixed refinance declined today.
The current 30-year, fixed-rate mortgage refinance rate is averaging 7.35%, according to Curinos, while 15-year, fixed-rate refinance mortgages average of 6.39%. For 20-year mortgage refinances, the average rate is 7.24%.
Related: Compare Current Refinance Rates
Refinance Rates for November 20, 2024
30-Year Fixed Refinance Interest Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.35%, compared to 7.38% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.37%, compared to 7.40% last week. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.
At the current interest rate of 7.35%, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $689 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $147,956.
20-Year Refinance Interest Rates
The average interest rate on the 20-year fixed refinance mortgage is 7.24%. This same time last week, the 20-year fixed-rate mortgage was at 7.28%.
The APR on a 20-year fixed is 7.26%. One week ago, it was 7.30%.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 7.24% will cost $790 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $89,487 in total interest.
15-Year Refinance Interest Rates
Today, the 15-year fixed mortgage rate sits at 6.39%, lower than it was yesterday. Last week, it was 6.44%.
On a 15-year fixed refinance, the annual percentage rate is 6.42%. Last week it was 6.47%.
At today’s interest rate of 6.39%, a 15-year fixed-rate mortgage would cost approximately $865 per month in principal and interest per $100,000. You would pay around $55,723 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.26%. Last week, the average rate was 7.37%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.26% will pay $683 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Interest Rates
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance is 6.83%. Last week, the average rate was 6.73%.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 6.83% will pay $889 per month in principal and interest per $100,000. That means that on a $750,000 loan, you’d pay around $450,774 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity.
The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense.
When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms.
When You Should Refinance Your Home
There are lots of good reasons to refinance your mortgage, but for most homeowners, it comes down to lowering the interest rate, reducing monthly payments or paying off the loan more quickly. Refinancing can also allow you to tap some of your home’s equity or eliminate private mortgage insurance (PMI).
It’s important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time. It can be helpful to calculate the “break-even point” for a potential refinance—to see how long it will take for savings from the new mortgage to outweigh closing costs. Try to find out what those fees will be and divide them by the monthly savings from the new mortgage.
Check out our mortgage refinance calculator to help you decide if this is a good time to refinance.
Is Now a Good Time To Refinance?
Refinancing your mortgage can be worth it for reasons that include:
- Lowering monthly payments. You might be able to reduce your monthly payment by extending your repayment period or qualifying for a better interest rate.
- Reducing your interest rate. Switching from a 30-year mortgage to a shorter term, like 15 or 20 years, can help you get a better interest rate and pay less interest overall.
- Ending annual service fees. FHA and USDA loans can charge annual fees for the life of the loan. If you have at least 20% equity, converting to a conventional mortgage refinance lets you avoid mortgage insurance premiums and guarantee fees.
- Switching to a fixed interest rate. You may also refinance an adjustable-rate mortgage into a fixed interest rate to avoid future rate hikes that increase your monthly payment and total borrowing costs.
- Borrowing your home equity. A cash-out refinance allows you to tap your home equity to consolidate high-interest debt and pay for personal expenses. The mortgage refinance interest rate can be lower than unsecured personal loans.
Lenders offer multiple mortgage refinance options to help you quickly compare your potential rate and monthly payment. Refinancing can also provide more repayment flexibility.
Now isn’t a good time to refinance if you cannot get a smaller monthly payment or the closing costs offset the potential benefits of having a new rate and term.
How To Qualify for Today’s Best Refinance Rates
Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
- Maintain a good credit score
- Consider a shorter-term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score 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 also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
Frequently Asked Questions (FAQs)
How soon can you refinance a mortgage?
Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure.
How much does it cost to refinance a mortgage?
Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It’s always a good idea to ask the lender what kind of closing costs they’ll charge before you decide to borrow from them.
How quickly can you refinance a mortgage?
You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors—like the type of home loan you choose. Always check with your lender before committing to borrow.