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The rate on a 30-year fixed refinance increased today.
Refinancing rates for 30-year, fixed-mortgage is averaging 6.97%, according to Bankrate. For 15-year fixed mortgages, the average refinance rate is 6.13%, and for 20-year mortgages, the average is 6.75%. For 5/1 ARMs, the average rate is 5.38%.
Related: Compare Current Refinance Rates
Refinance Rates for November 30, 2022
30-Year Fixed-Rate Mortgage Refinance Rates
The current 30-year, fixed-rate mortgage refinance is averaging 6.97%, compared to 6.95% last week and the 52-week low of 6.41%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.98%, compared to 6.96% 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 6.97%, borrowers with a 30-year, fixed-rate mortgage of $300,000 will pay $1,990 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 $416,352.
20-Year Refinance Rates
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.75% compared to 6.82% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.76%. That compares to 6.83% at the same time last week.
At today’s interest rate of [insert rate], a 20-year, fixed-rate mortgage refinance of $300,000 would cost $2,281 per month in principal and interest—not including taxes and fees. That would equal about $247,462 in total interest over the life of the loan.
15-Year Mortgage Refinance Rate
The 15-year fixed mortgage refinance is currently averaging about 6.13%. That’s compared to the average of 6.21% at this time last week and the 52-week low of 5.63%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.15% versus 6.24% at this time last week.
At the current interest rate of 6.13%, a borrower using a 15-year, fixed-rate mortgage refinance of $300,000 would pay $2,553 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $159,484 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.01%. Last week, the average rate was 6.98%. The 52-week low is 6.37%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.01% will pay $4,995 per month in principal and interest on a $750,000 loan.
15-Year Jumbo Mortgage Refinance Rates
A 15-year, fixed-rate jumbo mortgage refinance is 6.13%, on average, compared to the average of 6.22% last week and the 52-week low of 5.66%.
At today’s interest rate of 6.13%, a borrower with a 15-year, fixed-rate jumbo refinance would pay $6,382 per month in principal and interest on a $750,000 loan. Over the life of the loan, that borrower would pay around $398,710 in total interest.
5/1 Adjustable-Rate Mortgage Refinance Rates
On a 5/1 ARM, the average rate inched down to 5.38% from 5.40% yesterday. The average rate was 5.41% last week. Today’s rate is currently lower than the 52-week high of 5.51%%.
Borrowers with a 5/1 ARM of $300,000 with today’s interest rate of 5.38% will pay $1,681 per month in principal and interest.
VA Refinance Rates
The current average rate on a 30-year VA refinance loan is 6.10% compared to 6.27% the week prior.
The 52-week high for a 30-year VA refinance loan was 6.78% and the 52-week low was 5.64%.
When You Should Refinance Your Home
There are lots of good reasons to refinance your mortgage, but for most homeowners, it comes down to lowering the interest rate, reducing monthly payments or paying off the loan more quickly. Refinancing can also allow you to tap some of your home’s equity or eliminate private mortgage insurance (PMI).
It’s important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time. It can be helpful to calculate the “break-even point” for a potential refinance—to see how long it will take for savings from the new mortgage to outweigh closing costs. Try to find out what those fees will be and divide them by the monthly savings from the new mortgage.
Check out our mortgage refinance calculator to help you decide if this is a good time to refinance.
How to Get 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 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 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 Do You Find the Best Refinancing Lender?
You should always shop around when you’re trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you’re able to communicate well with the lender you want to choose. In a bumpy housing market, you’ll probably be in touch with the lender more often than you realize.