January 5, 2022 – Refinancing Rates Rise – Forbes Advisor


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Now is the right time to lock in a low refinance rate. The average rate for a 30-year fixed mortgage refinance has risen today, but rates are still at historically low levels.

To date, the average rate on a 30-year fixed mortgage is 3.37% with an APR of 3.45%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.59% with an APR of 2.73%. The 20-year refinancing rate is 3%. The average rate on a 5/1 ARM is 2.86% with an APR of 4.15%.

Related: Compare current refinancing rates

30-year fixed-rate mortgage refinancing rate

The average 30-year fixed-rate mortgage refinancing rate rose to 3.37%. A week ago, the 30-year fixed rate was 3.25%. The 52 week low is 2.37%.

The APR on a 30-year fixed rate is 3.45%. Last week it was 3.33%. The APR is the overall cost of your loan.

At an interest rate of 3.37%, a 30-year fixed mortgage refi would cost $ 442 per month in principal and interest (not including taxes and fees) for $ 100,000, according to the loan calculator. Forbes Mortgage Advisor. The total interest paid over the term of the loan will be approximately $ 59,055.

20-year refi rate

The average interest rate on the 20 year fixed refinance mortgage is 3%. A week ago, the 20-year fixed rate mortgage was at 3%.

The APR on a 20-year fixed rate is 3%. Last week it was 3%.

A 20-year fixed rate mortgage refinance of $ 100,000 with a current interest rate of 3% will cost $ 564 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay approximately $ 35,398 in total interest.

15-year fixed-rate mortgage refinancing rate

The average interest rate on the 15-year fixed refinance mortgage remained at 2.59%. A week ago, the 15-year fixed rate mortgage was at 2.46%. Today’s rate is higher than the 52-week low of 2.39%.

On a 15-year fixed refinancing, the APR is 2.73%. Last week it was 2.62%.
A 15 year fixed rate mortgage refinance of $ 100,000 with a current interest rate of 2.59% will cost $ 671 per month in principal and interest. Over the life of the loan, you would pay $ 20,786 in total interest.

Giant refinancing rate over 30 years

The average interest rate on the 30 year fixed rate jumbo mortgage refinance is 3.38%. Last week the average rate was 3.25%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 2.37%.

Borrowers with a 30-year fixed rate jumbo mortgage refinance with a current interest rate of 3.38% will pay $ 3,318 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 $ 3,318, and you would pay approximately $ 444,407 in total interest over the life of the loan.

Giant 15-year mortgage refinancing rate

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance climbed to 2.60%. Last week, the average rate was 2.45%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 2.37%.

Borrowers on a 15-year fixed-rate jumbo mortgage refinance with a current interest rate of 2.60% will pay $ 672 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 $ 5,036, and you would pay approximately $ 156,534 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 2.86%, higher than the 52 week low of 2.83%. Last week, the average rate was 4.15%.

Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.86% will pay $ 414 per month in principal and interest.

Know when to refinance your home

There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, lower their monthly payments, or pay off their mortgage sooner. Refinancing can also help you gain equity in your home or eliminate private mortgage insurance (PMI).

Refinancing your mortgage can make sense if you plan to stay in your home for several years. There is, after all, a cost of refinancing that will take some time to recover. You will need to know the loan closing costs to calculate the breakeven point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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, here’s how you can find the lowest refinance rate when you refinance:

  • Maintain a good credit rating
  • Consider a shorter term loan
  • Reduce your debt 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.

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