The rate on a 30-year fixed refinance increased today.
The current 30-year, fixed-rate mortgage refinance rate is averaging 7.39%, according to Curinos, while 15-year, fixed-rate refinance mortgages average of 6.41%. For 20-year mortgage refinances, the average rate is 7.26%.
Related: Compare Current Refinance Rates
Refinance Rates for November 21, 2024
30-Year Fixed Refinance Interest Rates
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 7.39%. That’s compared to 7.35% last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $692 per month for principal and interest at the current interest rate of 7.39%, according to the Forbes Advisor mortgage calculator, not including taxes and fees.
Over the life of the loan, the borrower will pay total interest costs of about $148,962. A different way of looking at interest rates is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 7.41% compared to 7.37% last week. The APR is essentially the all-in cost of the home loan.
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
The 15-year fixed mortgage refinance is currently averaging about 6.41%. That’s compared to the average of 6.42% at this time last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.44% versus 6.45% at this time last week.
At the current interest rate of 6.41%, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $866 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $55,900 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Interest Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.25%. Last week, the average rate was 7.35%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.25% will pay $682 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 remained unchanged at 6.81%. Last week, the average rate was 6.74%.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 6.81% will pay $888 per month in principal and interest per $100,000. That means that on a $750,000 loan, you’d pay around $448,823 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
Refinance rates are different from mortgage rates and tend to be slightly higher. The rate difference can vary by program and is something to consider as you compare the best mortgage refinance lenders.
In addition to having different refinance rates for conventional, FHA, VA and jumbo applications, cash-out refinance rates are higher as you’re borrowing from your available equity.
Rates for government-backed loan programs such as FHA and VA mortgage refinances can be lower than a conventional or jumbo refinance, as there is less risk for lenders. Still, you should compare your estimated loan’s annual percentage rate (APR), which includes all additional fees and determines the interest charges.
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?
Consider refinancing your mortgage when you need a more affordable monthly payment, want to stop paying annual FHA or USDA loan fees or would prefer a fixed interest rate. You may also consider a cash-out refinance to borrow from your home equity.
However, as refinance rates have increased by several percentage points from near-term lows in late 2021, it can be harder to replace your existing interest rate with a lower one, unless you refinance to a 15-year mortgage. As a result, extending your loan term is the one way to reduce your payment, but you can end up paying more total interest.
The application process is similar to buying a home. Plus, home appraisal fees and closing costs from 2% to 6% of the loan amount apply and add to your lifetime borrowing costs.
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 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.
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.
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.
More From Advisor
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- Here Are Today’s Refinance Rates: November 19, 2024—Rates Cool Off
- Mortgage Refinance Rates Today: November 18, 2024—Rates Move Upward
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