About Today's Refinance Rates
As the heading of the topic is self-explanatory, let us jump right in to understand what is refinance rate today.
When we look at the nationwide refinance interest rate today, the average rate for a 30-year fixed-rate refinance dropped down, but the average refinance rate on a 15-year fixed remains the same. Meanwhile, the average rate on 10-year fixed refi moved down. Refinancing rates though remain low changes daily. If you’re in the market to refinance and see a rate that pleases you then it could make sense to go ahead and lock it.
30-year fixed refinance rate today
The average 30-year fixed-refinance rate is 2.91 percent. Whereas last month the average rate on a 30-year fixed refinance was higher, at 3.09 percent.
For every $100,000 you borrow, you’ll pay $416.77 per month in principal and interest with the current average rate. Which when compared with last week is $2.14 lower.
To estimate your monthly payments and see what the effects of making extra payments would be, you can use a mortgage calculator. The calculator will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed refinance rate today
The average rate of 15-year fixed refi is 2.44 percent now, which has remained constant from a week ago.
For every $100,000 you borrow, the monthly payments on a 15-year fixed refinance at that rate will cost around $663. This would squeeze your wallet every month compared to a 30-year mortgage, however, it has its own big advantages: You would have built equity much more quickly and also saved a few thousands of dollars over the life of the loan in total interest paid.