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The rate on a 30-year fixed refinance decreased today.
The average rate for refinancing a 30-year fixed mortgage is currently 7.35%, according to Curinos. For refinancing a 15-year mortgage, the average rate is 6.36%, and for 20-year mortgages, it’s 7.20%.
Related: Compare Current Refinance Rates
Refinance Rates for October 31, 2024
*Source: Curinos
30-Year Fixed Refinance Interest Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.35%, compared to 7.27% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.37%, compared to 7.29% 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 $148,104.
20-Year Refinance Interest Rates
The 20-year fixed mortgage refinance is currently averaging about 7.20%. That’s compared to the average of 7.15% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.23% compared to 7.18% at this time last week.
At the current interest rate of 7.20%, a 20-year, fixed-rate mortgage refinance of $100,000 would pay $787 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $88,978 in total interest over the life of the loan.
15-Year Refinance Interest Rates
Today, the 15-year fixed mortgage rate is 6.36%, lower than it was at this time yesterday. Last week, it was 6.35%.
The annual percentage rate on a 15-year fixed is 6.39%. This time last week, it was 6.38%.
With an interest rate of 6.36%, you would pay $863 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $55,427 in total interest.
30-Year Jumbo Refinance Interest Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.19%. Last week, the average rate was 7.23%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.19% will pay $678 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 6.63%, on average, compared to the average of 6.45% last week.
At today’s interest rate of 6.63%, a borrower with a 15-year, fixed-rate jumbo refinance would pay $6,588 per month in principal and interest on a $750,000 loan. Over the life of the loan, that borrower would pay around $435,813 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.
You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.
When Refinancing Makes Sense
You may want to refinance your home when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).
A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. 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 could help you determine if refinancing is right for you.
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
Refinancing a mortgage isn’t that different than taking out a mortgage in the first place, and it’s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:
- Polish up your credit score
- Lower your debt-to-income ratio
- Keep an eye on mortgage rates
- Consider a shorter loan
Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You’re also likely to look better to lenders if you don’t have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates.
Frequently Asked Questions (FAQs)
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?
Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it’s right for you.
How soon can you refinance a mortgage?
In many cases, you can refinance a mortgage as soon as six months after you start paying it down, although some lenders insist that you wait 12 months. You should ask your lender to be sure.