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The rate on a 30-year fixed refinance climbed today.
The average rate on a 30-year fixed mortgage refinance is 7.39%, according to Curinos, while the average rate on a 15-year mortgage refinance is 6.41%. On a 20-year mortgage refinance, the average rate is 7.26%.
Related: Compare Current Refinance Rates
Refinance Rates for November 22, 2024
30-Year Fixed Refinance Interest Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.39%, compared to 7.35% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.41%, compared to 7.37% 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 7.39%, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $692 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 $148,962.
20-Year Refinance Interest Rates
The 20-year fixed mortgage refinance is currently averaging about 7.26%. That’s compared to the average of 7.25% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.29% compared to 7.28% at this time last week.
At the current interest rate of 7.26%, a 20-year, fixed-rate mortgage refinance of $100,000 would pay $791 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $89,836 in total interest over the life of the loan.
15-Year Refinance Interest Rates
For a 15-year fixed refinance mortgage, the average interest rate is currently 6.41% compared to 6.42% at this time last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.44%. That compares to 6.45% at this time last week.
Using the current interest rate of 6.41%, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $866 per month in principal and interest—not including taxes and fees. That would equal about $55,900 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 7.35%.
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
A 15-year, fixed-rate jumbo mortgage refinance is 6.81%, on average, compared to the average of 6.74% last week.
At today’s interest rate of 6.81%, a borrower with a 15-year, fixed-rate jumbo refinance would pay $6,660 per month in principal and interest on a $750,000 loan. Over the life of the loan, that borrower would pay around $448,823 in total interest.
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?
Now may be a good time to refinance if you can reduce your monthly payment by getting a better interest rate or adjusting your repayment period.
While refinance rates are at multi-year highs, you may qualify for a competitive rate if your credit has improved since getting your existing mortgage or by switching to a shorter loan term, such as a 15-year mortgage. Refinancing from a government-backed loan to a conventional loan with at least 20% equity helps you waive private mortgage insurance, FHA mortgage insurance premiums or the USDA guarantee fees.
There are multiple mortgage refinance options to consider and some that let you tap your home equity.
Consider avoiding refinancing if you can’t get a better rate or reduce your monthly payment. Additionally, you will need to pay closing costs and the application process can be lengthy. These hindrances may exceed the potential benefits of refinancing.
How To Get 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 much does it cost to refinance a mortgage?
It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender.
How do you find the best refinancing lender?
You should always shop around when you’re trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you’re able to communicate well with the lender you want to choose. In a bumpy housing market, you’ll probably be in touch with the lender more often than you realize.
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.