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Mortgage Refinance Rates Today: February 28, 2025 – Rates Dip
- Today's 30-year fixed refinance rate is at 6.7%, with 15-year and 20-year rates averaging 5.66% and 6.5% respectively.
- The average monthly payment for a $100,000 30-year refinance loan at the current rate is $645, totaling about $132,252 in interest over the loan term.
- The APR for a 30-year fixed-rate mortgage is 6.73%, indicating the total cost of the loan.
- In the case of a 20-year fixed mortgage refinance, borrowers can expect to pay around $78,881 in total interest over the loan term.
- For 15-year fixed refinance mortgages, the average interest rate is 5.66%, with an APR of 5.71%.
- A 15-year jumbo mortgage refinance currently averages 6.11%, with a monthly payment of $850 per $100,000 borrowed.
- Refinance rates can be slightly higher than purchase loan rates, typically by 0.01% to 0.15% for a 30-year fixed rate.
- Reasons to refinance include reducing interest rates, monthly payments, paying off the loan quicker, tapping into home equity, or eliminating PMI.
- Calculating the break-even point is essential to determine if the potential savings from a refinance outweigh the closing costs.
- Factors like credit score, debt levels, and monitoring fluctuating mortgage rates can help secure the best refinance rate.
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