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The average 30-year fixed-refinance rate is 3.21 percent, down 1 basis point compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.43 percent.
At the current average rate, you’ll pay $433.01 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $0.55 lower.
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The 15-year fixed refi average rate is now 2.74 percent, down 6 basis points over the last seven days.
Monthly payments on a 15-year fixed refinance at that rate will cost around $677 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your 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.
Image: Luxury Homes, Brian Thomas Jones
The average rate for a 10-year fixed-refinance loan is 2.78 percent, down 3 basis points over the last seven days.
Monthly payments on a 10-year fixed-rate refi at 2.78 percent would cost $956.86 per month for every $100,000 you borrow. That’s a lot more than the monthly payment on even a 15-year refinance, but in return you’ll pay even less in interest than you would with a 15-year term.
Read the full article published July 21st by Jeff Ostrowski at Bankrate.com