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The rate on a 30-year fixed refinance slipped today.

Refinancing rates for a 30-year, fixed-mortgage are averaging 7.42%, according to Curinos. For 15-year fixed mortgages, the average refinance rate is 6.62%, and for 20-year mortgages, the average is 7.25%.

Related: Compare Current Refinance Rates

Refinance Rates for April 8, 2024

30-Year Fixed Refinance Interest Rates

The average rate for the 30-year fixed-rate mortgage refinance decreased to 7.42% from yesterday. This time last week, the 30-year fixed was 7.36%.

The APR, or annual percentage rate, on a 30-year fixed is 7.45%. This time last week, it was 7.41%. APR is the all-in cost of your loan.

At today’s interest rate of 7.42%, borrowers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $694 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan will be about $149,724.

20-Year Refinance Interest Rates

The 20-year fixed mortgage refinance is currently averaging about 7.25%. That’s compared to the average of 7.20% at this time last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.29% compared to 7.23% at this time last week.

At the current interest rate of 7.25%, a 20-year, fixed-rate mortgage refinance of $100,000 would pay $790 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $89,632 in total interest over the life of the loan.

15-Year Refinance Interest Rates

The 15-year fixed mortgage refinance is currently averaging about 6.62%. That’s compared to the average of 6.53% at this time last week.

The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.61% versus 6.53% at this time last week.

At the current interest rate of 6.62%, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $878 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $57,979 in total interest over the 15-year life of the loan.

30-Year Jumbo Refinance Interest Rates

The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.49%. Last week, the average rate was 7.38%.

Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.49% will pay $699 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 is 7.12%, on average, compared to the average of 7.06% last week.

At today’s interest rate of 7.12%, a borrower with a 15-year, fixed-rate jumbo refinance would pay $6,792 per month in principal and interest on a $750,000 loan. Over the life of the loan, that borrower would pay around $472,493 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 Refinancing Makes Sense

Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home’s equity or get rid ofprivate mortgage insurance (PMI).

But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you’ll be keeping your home for some time. You can determine the “break-even point” for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you’ll realize with the new mortgage.

The Forbes Advisor mortgage refinance calculator can help you run the numbers to see if it’s a good time for you to refinance.

Is Now a Good Time To Refinance?

Consider refinancing your mortgage when you need a more affordable monthly payment, want to stop paying annual FHA or USDA loan fees or would prefer a fixed interest rate. You may also consider a cash-out refinance to borrow from your home equity.

However, as refinance rates have increased by several percentage points from near-term lows in late 2021, it can be harder to replace your existing interest rate with a lower one, unless you refinance to a 15-year mortgage. As a result, extending your loan term is the one way to reduce your payment, but you can end up paying more total interest.

The application process is similar to buying a home. Plus, home appraisal fees and closing costs from 2% to 6% of the loan amount apply and add to your lifetime borrowing costs.

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?

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 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 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.



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