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Today, a few notable mortgage refinance rates grew.
The average rate nationwide for a 15-year fixed refinance not change, while 30-year fixed-rate refinances went up. And average rates for 10-year fixed refinances saw an increase.
Refinancing rates are constantly fluctuating. However, they’re currently very low. For those looking to refinance their existing mortgage, this may be the perfect time to secure a record-low rate.
The average mortgage refinance rates are as follows:
Check out mortgage refinancing rates for your area here.
What These Refinance Rate Changes Mean for Homeowners
With refinance rates continuing to hover around 3%, there is still an opportunity to to get a low rate for homeowners who haven’t refinanced in the last few years. But the decision to refinance isn’t just about the rate, there are closing costs to consider as well. So be sure that you plan on staying in your home long enough for the interest savings to outweigh the fees. And remember, even if you don’t pay anything upfront, the refinance closing costs are typically added to your loan balance. So you’re paying for it one way or another.
30-Year Refi Rates
Right now, the average 30-year fixed refinance has an interest rate of 3.21%, an increase of 5 basis points from what we saw last week.
You can use our mortgage calculator to price out your monthly mortgage payments and to understand how much you could save if you made extra payments. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.
Average 15-Year Fixed Refinance Rates
Currently, the average rate for a 15-year fixed refinance loan is 2.49%, unmoved from a week ago.
Monthly payments on a 15-year refinance loan will be bigger compared to a 30-year refinance at the same rate. However, a shorter loan term can save you thousands of dollars interest over the life of the loan.
10-Year Refi Rates
The average 10-year, fixed refinance rate is 2.49%, an increase of 4 basis points from a week ago.
Monthly payments with a 10-year refinance term would cost a massive amount more per month than you would with a 15-year term, but you’ll pay less interest in the long term.
Mortgage Refinance Rate Trends
Mortgage and refinance rates are exceptionally …….