If you’re looking to save money by refinancing your home loan, it’s a good time to lock in a low rates. Refinance rates remained unchanged today, keeping rates at historical lows.
Today, the average rate on a 30-year fixed mortgage refinance is 3.20%, according to Bankrate.com, while the average rate on a 15-year mortgage refinance is 2.49%. On a 20-year mortgage refinance, the average rate is 3.01%, and the average rate on a 5/1 ARM is 2.87%.
Related: Compare Current Mortgage Rates
Daily Mortgage Refinance Rates for November 03, 2021
30-Year Fixed-Rate Refinance Rates
The average rate for the 30-year fixed-rate mortgage refinance remained at 3.20%. Last week, the 30-year fixed was 3.21%. The 52-week low is 2.83%.
The 30-year fixed mortgage refi APR is 3.34%. At this time last week, it was 3.35%. APR is the all-in cost of your loan.
At an interest rate of 3.20%, a 30-year fixed mortgage refi would cost $432 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $55,688 over the life of the loan..
20-Year Refi Rates
The average interest rate on the 20-year fixed refinance mortgage is 3.01%. One week ago, the 20-year fixed-rate mortgage was at 3.04%. Today’s rate is higher than the 52-week low of 2.85%.
The APR on a 20-year fixed is 3.15%. This time last week, it was 3.17%.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 3.01% will cost $555 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $33,224 in total interest.
15-Year Mortgage Refinance Rate
Today, the 15-year fixed mortgage rate sits at 2.49%, the same as it was yesterday. Last week, it was 2.48%.Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed is 2.72%. This time last week, it was 2.71%.
A 15-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 2.49% will cost $666 per month in principal and interest. Over the life of the loan, you would pay $19,937 in total interest.
30-Year Jumbo Refinance Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 3.21%. One week ago, the average rate was 3.22%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 3.21% will pay $3,248 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $3,248, and you’d pay around $419,138 in total interest over the life of the loan.
15-Year Jumbo Mortgage Refinance Rates
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance remained unchanged at 2.50%. Last week, the average rate was 2.47%.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 2.50% will pay $667 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $5,001, and you’d pay around $150,165 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Refinance Rates
On a 5/1 ARM, the average rate remained at 2.87%. The average rate was 2.87% last week. Today’s rate is currently lower than the 52-week high of 3.43%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.87% will pay $415 per month in principal and interest.
Know When to Refinance Your Home
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 awhile. 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.
How to Get the 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.
