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Current Refinance Rates: December 13, 2024—Rates Move Up
- The rate on a 30-year fixed refinance inched up today.
- The average rate on a 30-year fixed mortgage refinance is 7.23%, while the average rate on a 15-year mortgage refinance is 6.27%.
- The current 30-year, fixed-rate mortgage refinance is averaging 7.23%, compared to 7.18% last week.
- At the current interest rate of 7.23%, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $681 per month for principal and interest. Over the life of the loan, the borrower will pay total interest costs of about $145,071.
- The average interest rate on the 15-year fixed-rate jumbo mortgage refinance remained unchanged at 6.82%.
- A home loan refinance may make sense particularly if you plan to remain in your home for a while.
- Consider avoiding refinancing if you can’t get a better rate or reduce your monthly payment. Additionally, you will need to pay closing costs and the application process can be lengthy.
- 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.
- 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.
- 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.
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