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The rate on a 30-year fixed refinance fell today.
Refinancing rates for a 30-year, fixed-mortgage are averaging 7.76%, according to Curinos. For 15-year fixed mortgages, the average refinance rate is 6.90%, and for 20-year mortgages, the average is 7.60%.
Related: Compare Current Refinance Rates
Refinance Rates for April 30, 2024
30-Year Fixed Refinance Interest Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.76%, compared to 7.75% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.78%, compared to 7.77% last week. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.
At the current interest rate of 7.76%, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $717 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $158,132.
20-Year Refinance Interest Rates
The average interest rate on the 20-year fixed refinance mortgage is 7.60%. One week ago, the 20-year fixed-rate mortgage was at 7.62%.
The APR on a 20-year fixed is 7.63%. This time last week, it was 7.64%.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 7.60% will cost $812 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $94,827 in total interest.
15-Year Refinance Interest Rates
The average interest rate on the 15-year fixed refinance mortgage slipped to 6.90%. Yesterday, it was 6.95%. Last week, the 15-year fixed-rate mortgage was at 6.90%.
On a 15-year fixed refinance, the annual percentage rate is 6.94%. Last week it was 6.93%.
With an interest rate of 6.90%, you would pay $893 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $60,815 in total interest.
30-Year Jumbo Refinance Interest Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.66%. Last week, the average rate was 7.72%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.66% will pay $710 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Interest Rates
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 7.30%, compared to an average of 7.13% last week.
At today’s rate of 7.30%, a borrower would pay $916 per month in principal and interest per $100,000 for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $486,249 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.
You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.
When You Should Refinance Your Home
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).
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.
Is Now a Good Time To Refinance?
Now may be a good time to refinance if you can reduce your monthly payment by getting a better interest rate or adjusting your repayment period.
While refinance rates are at multi-year highs, you may qualify for a competitive rate if your credit has improved since getting your existing mortgage or by switching to a shorter loan term, such as a 15-year mortgage. Refinancing from a government-backed loan to a conventional loan with at least 20% equity helps you waive private mortgage insurance, FHA mortgage insurance premiums or the USDA guarantee fees.
There are multiple mortgage refinance options to consider and some that let you tap your home equity.
Consider avoiding refinancing if you can’t get a better rate or reduce your monthly payment. Additionally, you will need to pay closing costs and the application process can be lengthy. These hindrances may exceed the potential benefits of refinancing.
How To Get Today’s Best Refinance Rates
Refinancing a mortgage isn’t that different than taking out a mortgage in the first place, and it’s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:
- Polish up your credit score
- Lower your debt-to-income ratio
- Keep an eye on mortgage rates
- Consider a shorter loan
Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You’re also likely to look better to lenders if you don’t have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates
Frequently Asked Questions (FAQs)
How soon can you refinance a mortgage?
Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure.
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 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.
