The average rate for a 30-year fixed-rate refinance receded, but the average rate on a 15-year fixed climbed higher. Meanwhile, the average rate on 10-year fixed refis cruised higher.
The average 30-year fixed-refinance rate is 4.63 percent, down 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.81 percent.
At the current average rate, you’ll pay $514.44 per month in principal and interest for every $100,000 you borrow. That’s $4.80 lower, compared with last week.
The average for a 15-year refi is currently running at 3.99 percent, up 2 basis points over the last week.
Monthly payments on a 15-year fixed refinance at that rate will cost around $740 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, 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 faster.
The average rate for a 10-year fixed-refinance loan is 3.98 percent, up 8 basis points from a week ago.
Monthly payments on a 10-year fixed-rate refi at 3.98 percent would cost $1,007.71 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.