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Current Refinance Rates: December 4, 2024—No Movement On Rates
- Refinance rates remained unchanged today, with the average 30-year fixed mortgage refinance rate at 7.22%.
- For 15-year fixed mortgages, rates average at 6.27%, and for 20-year mortgages, rates average at 7.04%.
- The APR for a 30-year fixed-rate mortgage is 7.24%, for a 20-year fixed rate it's 7.07%, and for a 15-year fixed rate it's 6.30%.
- For a 30-year, fixed-rate mortgage of $100,000, the monthly payment for principal and interest is $680, and the borrower pays a total interest cost of about $144,778 over the life of the loan.
- A 20-year, fixed-rate mortgage refinance of $100,000 would pay $778 per month, and the borrower would pay roughly $86,692 in total interest over the life of the loan.
- A borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $858 per month, and the borrower would pay roughly $54,483 in total interest over the 15-year life of the loan.
- The average rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.15%, while for a 15-year jumbo mortgage refinance it's 6.91%.
- Mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender.
- When you refinance, your new rate is based on current refinance rates and your loan term, and this rate replaces your existing mortgage repayment terms.
- It’s important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time.
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