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The rate on a 30-year fixed refinance declined today.
The current 30-year, fixed-rate mortgage refinance rate is averaging 6.95%, according to Bankrate, while 15-year, fixed-rate refinance mortgages average of 6.21%. For 20-year mortgage refinances, the average rate is 6.82%. For a 5/1 adjustable-rate mortgage, the average rate is 5.41%.
Related: Compare Current Refinance Rates
Refinance Rates for November 23, 2022
30-Year Fixed Refinance Interest Rates
The average rate for the 30-year fixed-rate mortgage refinance fell to 6.95% from yesterday. This time last week, the 30-year fixed was 6.97%. The 52-week low is 6.15%.
On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.96%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage refi of $300,000 will pay $1,986 per month in principal and interest (not accounting for taxes and fees) at the current interest rate of 6.95%. The total interest paid over the life of the loan will be around $414,904.
20-Year Fixed-Rate Mortgage Refinance Rates
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.82% compared to 6.80% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.83%. That compares to 6.82% 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 $2,294 per month in principal and interest—not including taxes and fees. That would equal about $250,463 in total interest over the life of the loan.
15-Year Refinance Rates
Today, the 15-year fixed mortgage rate is 6.21%, lower than it was yesterday. Last week, it was 6.21%. Today’s rate is higher than the 52-week low of 5.37%.
On a 15-year fixed refinance, the annual percentage rate is 6.24%. Last week it was 6.23%.
With an interest rate of 6.21%, you would pay $2,566 per month in principal and interest for every $300,000 borrowed. Over the life of the loan, you would pay $161,832 in total interest.
30-Year Jumbo Mortgage Refinance Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 6.98%. Last week, the average rate was 6.97%. The 52-week low is 6.15%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 6.98% will pay $4,980 per month in principal and interest on a $750,000 loan.
15-Year Jumbo Refi Rates
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance declined to 6.22%. Last week, the average rate was 6.16%. 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 6.22% will pay $6,418 per month in principal and interest per $750,000. That means that on a $750,000 loan you’d pay around $405,315 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 5.41%. That’s compared to the 52-week low of 4.53% and the average rate at this time last week of 5.44%.
VA Refinance Rates
The current average rate on a 30-year VA refinance loan is 6.27% compared to 6.19% 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 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.
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 Quickly Can You Refinance a Mortgage?
Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it’s right for you.
How Much Does it Cost to Refinance a Mortgage?
It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender.
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.