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Here Are Today’s Mortgage Refinance Rates: March 7, 2025 – Rates Advance Higher
- Today's mortgage refinance rates show an increase, with a 30-year fixed refinance rate at 6.78% and a 15-year mortgage refinance at 5.64%.
- The APR on a 30-year fixed-rate mortgage is 6.81%, resulting in a monthly payment of $651 per $100,000 borrowed, totaling about $134,310 in interest over the life of the loan.
- For a 20-year fixed refinance, the average interest rate is 6.5%, with an APR of 6.55% and a monthly payment of $746 per $100,000 borrowed.
- On a 15-year fixed refinance, the average interest rate is 5.64% with an APR of 5.69%, amounting to around $48,425 in total interest over the loan term.
- The 30-year fixed-rate jumbo mortgage refinance is at 7.12%, while the 15-year fixed-rate jumbo refinance is at 6.09%.
- To find the lowest refinance rate, maintain a good credit score and keep track of fluctuating mortgage rates for different loan terms.
- Consider refinancing to lower interest rates, reduce monthly payments, pay off the mortgage sooner, access home equity, or eliminate PMI.
- Understanding loan costs, break-even points, and the application process is crucial when deciding on a mortgage refinance.
- Refinance rates have increased from near-term lows, making it challenging to secure lower rates unless opting for a 15-year mortgage.
- Factors like home appraisal fees, closing costs, and the lifetime borrowing costs should be considered while refinancing a home loan.
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