Several key US mortgage refinance rates dropped this week, according to data compiled by Bankrate.
The national averages for 30-year fixed and 15-year fixed refinances both slid down. Meanwhile, the average rate on 10-year fixed refis also declined.
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Rates for refinancing are in a constant state of flux, but they remain much lower overall than they were before the Great Recession.
30-year fixed refinance
The average 30-year fixed-refinance rate is 3.14%, down 10 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.19%.
At the current average rate, you’ll pay $429.19 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $5.47 lower.
15-year fixed refinance
The average for a 15-year refi is currently running at 2.63%, down 13 basis points (bps) since the same time last week.
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By GlobalDataMonthly payments on a 15-year fixed refinance at that rate will cost around $672 per $100,000 borrowed.
The bigger payment may be a little harder to find room for in a monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll come out thousands of dollars ahead over the life of the loan in total interest paid and build equity much more quickly.
10-year fixed refinance
The average rate for a 10-year fixed-refinance loan is 2.69%, down 9bps over the last seven days.
Monthly payments on a 10-year fixed-rate refi at 2.69% would cost $955.49 per month for every $100,000 you borrow. That hard-to-swallow monthly payment comes with the benefit of paying even less interest over the life of the loan than you would with a 15-year term.
Where rates are headed
Here are the latest marketplace average rates for a wide variety of purchase loans:
Average refinance interest rates |
|||
Product |
Rate |
Last week |
Change |
30-year fixed refi |
3.14% |
3.24% |
-0.10 |
15-year fixed refi |
2.63% |
2.76% |
-0.13 |
10-year fixed refi |
2.69% |
2.78% |
-0.09 |
