September 1, 2022—Current Refinance Rates Fall – Forbes Advisor


Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.

The rate on a 30-year fixed refinance dropped today.

The average rate on a 30-year fixed mortgage refinance is 5.96%, according to Bankrate.com, while the average rate on a 15-year mortgage refinance is 5.22%. On a 20-year mortgage refinance, the average rate is 5.96%, and the average rate on a 5/1 ARM is 4.42%.

Related: Compare Current Refinance Rates

30-Year Fixed-Rate Mortgage Refinance Rates

Today, the average rate for the 30-year fixed-rate mortgage refinance decreased to 5.96% from yesterday. At this time last week, the 30-year fixed was 5.89%. The 52-week low is 5.26%.

The APR, or annual percentage rate, on a 30-year fixed is 5.97%. This time last week, it was 5.90%. APR is the all-in cost of your loan.

At the current interest rate of 5.96%, a 30-year fixed mortgage refi would cost $597 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 $114,913 over the life of the loan.

20-Year Fixed-Rate Mortgage Refinance Rates

The average interest rate on the 20-year fixed refinance mortgage is 5.96%. This same time last week, the 20-year fixed-rate mortgage was at 5.87%.

The APR on a 20-year fixed is 5.98%. One week ago, it was 5.88%.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 5.96% will cost $714 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $71,390 in total interest.

15-Year Refinance Rates

The average interest rate on the 15-year fixed refinance mortgage dropped to 5.22%. Yesterday, it was 5.23%. This same time last week, the 15-year fixed-rate mortgage was at 5.14%. Today’s rate is higher than the 52-week low of 4.57%.

The annual percentage rate on a 15-year fixed is 5.24%. This time last week, it was 5.16%.

With an interest rate of 5.22%, you would pay $802 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $44,414 in total interest.

30-Year Jumbo Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 5.95%. Last week, the average rate was 5.91%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 5.20%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 5.95% will pay $596 per month in principal and interest per $100,000.

15-Year Jumbo Refi Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 5.18%. Last week, the average rate was 5.16%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.51%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 5.18% will pay $800 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 $6,002, and you’d pay around $330,273 in total interest over the life of the loan.

5/1 ARM Refinance Rates

On a 5/1 ARM, the average rate increased to 4.42% from 4.40% yesterday. The average rate was 4.31% last week. Today’s rate is currently the 52-week high.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 4.42% will pay $502 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, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home’s equity or 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.

How To Qualify for 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.



Source link

Home
We will be happy to hear your thoughts

Leave a reply

Best & Lowest Rates of all online shopping Products
Logo
Compare items
  • Total (0)
Compare
0
Shopping cart