October 31, 2022 – Current Refinance Rates Are Rising – Forbes Advisor

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

The rate for a 30-year fixed refinance jumped today.

The average rate on a 30-year fixed mortgage refinance is 7.17%, according to Bankrate.com, while the average rate on a 15-year mortgage refinance is 6.42%. On a 20-year mortgage refinance, the average rate is 7.29% and the average rate on a 5/1 ARM is 5.45%.

Related: Compare current refinance rates

Refinancing rate as of October 31, 2022

30-year fixed rate refinancing rate

Today, the average 30-year fixed rate mortgage refinance rate rose to 7.17% from yesterday. A week ago, the 30-year fixed was 7.27%. The 52-week high is 7.38%.

The APR, or annual percentage rate, over a 30-year period is 7.18%. This time last week it was 7.28%. The APR is the overall cost of your loan.

At the current interest rate of 7.17%, a 30-year fixed mortgage refi would cost $677 per month in principal and interest (excluding taxes and fees) for $100,000, according to mortgage calculator Forbes Advisor. In total interest, you would pay $143,633 over the life of the loan.

20-year refi rate

The average interest rate on the 20-year fixed refinance mortgage is 7.29%. A week ago, the 20-year fixed rate mortgage was at 7.35%.

The APR on a 20-year fixed is 7.31%. Last week it was 7.37%.

A $100,000 20-year fixed rate mortgage refinance with a current interest rate of 7.29% will cost $793 per month in principal and interest. Taxes and fees are not included. Over the term of the loan, you will pay approximately $90,272 in total interest.

Fixed refinancing rates over 15 years

The average interest rate on the 15-year fixed refinance mortgage fell to 6.42%. Yesterday it was 6.43%. At this time last week, the 15-year fixed rate mortgage was at 6.55%. Today’s rate is above the 52-week low of 4.86%.

On a 15-year fixed refinancing, the annual percentage rate of charge is 6.45%. Last week it was 6.58%.

At the current interest rate of 6.42%, a 15-year fixed rate mortgage would cost approximately $867 per month in principal and interest per $100,000. You would pay approximately $56,009 in total interest over the life of the loan.

30-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 30-year fixed rate jumbo mortgage refinance is 7.17%. A week ago, the average rate was 7.28%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 5.51%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with a current interest rate of 7.17% will pay $677 per month in principal and interest per $100,000.

15-Year Jumbo Mortgage Refinance Rate

The average interest rate on the 15-year fixed rate jumbo mortgage refinance fell to 6.40%. Last week, the average rate was 6.58%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.87%.

Borrowers with a 15-year fixed rate jumbo mortgage refinance with a current interest rate of 6.40% will pay $866 per month in principal and interest per $100,000. This means that on a $750,000 loan, the monthly principal and interest payment would be approximately $6,492, and you would pay approximately $418,586 in total interest over the life of the loan.

5/1 Adjustable Rate Mortgage Refinance Rate

The average interest rate on a 5/1 ARM is 5.45%, higher than the 52-week low of 2.83%. Last week, the average rate was 6.94%.

Borrowers with a 5/1 ARM of $100,000 with a current interest rate of 5.45% will pay $565 per month in principal and interest.

Know when to refinance your home

There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, lower their monthly payments, or pay off their home loan sooner. Refinancing can also help you access equity in your home or eliminate private mortgage insurance (PMI).

A home loan refinance can be a good idea, especially if you plan to stay in your home for a while. Even if you get a lower interest rate, you have to consider the cost of the loan. Calculate the break-even point where your savings from a lower interest rate exceeds your closing costs by dividing your closing costs by the monthly savings from your new payment.

Our Mortgage Refinance Calculator can help you determine if refinancing is right for you.

How to get today’s best refinance rates

Just like when shopping for a mortgage when buying your home, when you refinance, here’s how you can find the lowest refinance rate:

  • Maintain a good credit rating
  • Consider a shorter term loan
  • Reduce your debt to income ratio
  • Monitor mortgage rates

A strong credit score isn’t a guarantee that you’ll get your refinance approved or that you’ll get the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You should also keep an eye on mortgage rates for different loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.

Comments are closed.