November 21, 2022—No Movement On Current Refinance Rates – Forbes Advisor

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Refinance rates remained unchanged today.

The current 30-year, fixed-rate mortgage refinance rate is averaging 6.93%, according to Bankrate, while 15-year, fixed-rate refinance mortgages average of 6.19%. For 20-year mortgage refinances, the average rate is 6.73%. For a 5/1 adjustable-rate mortgage, the average rate is 5.45%.

Related: Compare Current Refinance Rates

Refinance Rates for November 21, 2022

30-Year Fixed-Rate Mortgage Refinance Rates

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.93%. That’s compared to 6.90% from last week and the 52-week low of 6.14%. Borrowers with a 30-year, fixed-rate mortgage of $300,000 will pay $1,982 per month for principal and interest at the current interest rate of 6.93%, 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 $413,457. 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 6.94% compared to 6.91% last week. The APR is essentially the all-in cost of the home loan.

20-Year Fixed-Rate Mortgage Refinance Rates

For a 20-year fixed refinance mortgage, the average interest rate is currently 6.73% compared to 6.66% at this time last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.75%. That compares to 6.67% at the same time last week.

At today’s interest rate of [insert rate], a 20-year, fixed-rate mortgage refinance of $300,000 would cost $2,278 per month in principal and interest—not including taxes and fees. That would equal about $246,606 in total interest over the life of the loan.

15-Year Mortgage Refinance Rate

Today, the 15-year fixed mortgage rate sits at 6.19%, lower than it was at this time yesterday. Last week, it was 6.21%. Today’s rate is higher than the 52-week low of 5.37%.

The annual percentage rate on a 15-year fixed is 6.21%. This time last week, it was 6.23%.

With an interest rate of 6.19%, you would pay $2,562 per month in principal and interest for every $300,000 borrowed. Over the life of the loan, you would pay $161,244 in total interest.

30-Year Jumbo Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 6.95%. One week ago, the average rate was 6.87%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 6.15%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 6.95% will pay $4,965 per month in principal and interest per $750,000.

15-Year Jumbo Refi Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance fell to 6.18%. Last week, the average rate was 6.15%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 5.37%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 6.18% will pay $6,402 per month in principal and interest per $750,000. That means that on a $750,000 loan you’d pay around $402,377 in total interest over the life of the loan.

5/1 ARM Refinance Rates

The average interest rate for a 5/1 ARM is currently 5.45%. That’s compared to the 52-week low of 4.52% and the average rate at this time last week of 5.51%.

VA Refinance Rates

The current average rate on a 30-year VA refinance loan is 6.20% compared to 6.15% the week prior.

The 52-week high for a 30-year VA refinance loan was 6.78% and the 52-week low was 5.34%.

When You Should 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).

Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even 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 could help you determine if refinancing is right for you.

How to Qualify for Today’s Best Refinance Rates

Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing get a good mortgage rate:

  • Improve your credit
  • Consider a shorter loan term
  • Lower your debt-to-income ratio
  • Watch mortgage rates

There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other financial institutions are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.

Frequently Asked Questions (FAQs)

How Do You Find the Best Refinancing Lender?

Our guide to the best mortgage refinance lenders is a good starting point, but make sure you compare multiple lenders and get more than one quote. It’s always a good idea to find out the closing costs lenders charge, and also to make sure you can communicate easily with your lender. Conditions in the housing market change frequently, so being able to depend on your lender is crucial.

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.


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