Mortgage Refinance Rates Today: March 16, 2022—Refinance Rates Advance Higher
If you’re looking to save money by refinancing your home loan, it’s a good time to lock in a low rates. Refinance rates rose today, but rates overall are at historical lows.
Today, the average rate on a 30-year fixed mortgage refinance is 4.45%, according to Bankrate.com, while the average rate on a 15-year mortgage refinance is 3.66%. On a 20-year mortgage refinance, the average rate is 4.37%, and the average rate on a 5/1 ARM is 2.94%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates
Today, the average rate for the 30-year fixed-rate mortgage refinance rose to 4.45%. At this time last week, the 30-year fixed was 4.09%. Today’s rate is the same as the 52-week high of 3.27%.
The APR on a 30-year fixed is 4.47%. This last week, it was 4.10%. APR is the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $504 per month in principal and interest (not accounting for taxes and fees) at today’s interest rate of 4.45%. You’d pay around $81,339 in total interest over the life of the loan..
20-Year Refinance Rates
The average interest rate on the 20-year fixed refinance mortgage is 4.37%. Last week, the 20-year fixed-rate mortgage was at 3.95%.
The APR on a 20-year fixed is 4.39%. Last week, it was 3.97%.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 4.37% will cost $626 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $50,157 in total interest.
15-Year Fixed Refinance Rates
Today, the 15-year fixed mortgage rate is 3.66%, higher than it was one day ago. Last week, it was 3.32%.Today’s rate is higher than the 52-week low of 2.50%.
The APR on a 15-year fixed is 3.69%. This time last week, it was 3.35%.
With an interest rate of 3.66%, you would pay $723 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $30,098 in total interest.
30-Year Jumbo Refinance Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 4.47%. One week ago, the average rate was 4.08%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 3.27%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 4.47% will pay $3,787 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $3,787, and you’d pay around $613,242 in total interest over the life of the loan.
15-Year Jumbo Refi Rates
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 3.72%. Last week, the average rate was 3.31%. The 15-year fixed rate on a jumbo mortgage is higher than to the 52-week low of 2.50%.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 3.72% will pay $726 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $5,443, and you’d pay around $229,742 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Refinance Rates
On a 5/1 ARM, the average rate increased to 2.94% from 2.93% yesterday. The average rate was 2.91% last week. Today’s rate is currently the 52-week high.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.94% will pay $418 per month in principal and interest.
When Refinancing Makes Sense
You may want to refinance your home, when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).
A home loan refinance may make sense particularly if you plan to remain in your home for awhile. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs by dividing your closing costs by the monthly savings from your new payment.
Our mortgage refinance calculator could help you determine if refinancing is right for you.
How to Qualify for the Best Refinance Rates
Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
- Maintain a good credit score
- Consider a shorter-term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score 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 also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
