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Here Are Today’s Mortgage Refinance Rates: March 19, 2025 – Rates Fall
- Today's mortgage refinance rates show a decrease with a 6.82% rate on a 30-year fixed refinance, 5.75% on a 15-year mortgage refinance, and 6.56% on a 20-year mortgage refinance.
- The APR for a 30-year fixed refinance loan is 6.85%, translating to a $653 monthly payment for principal and interest on a $100,000 loan, with total interest costs around $135,197 over the loan term.
- For a 20-year fixed refinance, the APR is 6.61% and monthly payment for a $100,000 loan is $749, totaling around $79,829 in interest payments.
- A 15-year fixed refinance mortgage carries an average interest rate of 5.75% and an APR of 5.8%, resulting in a $830 monthly payment per $100,000 borrowed and $49,474 in total interest over the loan's life.
- Jumbo mortgage refinance rates also vary, with a 30-year fixed-rate at 7.18% and a 15-year fixed-rate jumbo at 6.17%.
- Considering refinancing for lower rates, reduced payments, or quicker loan payoff may be beneficial, especially if you can save on costs like PMI.
- Factors like credit score, debt-to-income ratio, watching market rates, and opting for shorter loan terms can help secure better refinance rates.
- It is essential to calculate the break-even point by dividing closing costs by monthly savings to determine when the refinancing benefits outweigh costs.
- Overall, refinancing can offer repayment flexibility and savings, provided it aligns with your financial plans and long-term goals.
- Using tools like a mortgage refinance calculator can assist in evaluating whether refinancing is a viable option based on individual circumstances.
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