Today, 30-year fixed refinance mortgage rates remained steady at 6.89%.
The average rate for a 15-year fixed mortgage refinance is 5.84%, while for a 20-year fixed mortgage refinance, it stands at 6.73%.
The APR for a 30-year fixed mortgage refi is 6.92%, showing a decrease from the previous week.
For a $100,000 30-year fixed-rate refinance mortgage, borrowers would pay around $658 monthly in principal and interest.
A 20-year fixed refinance mortgage comes with an average interest rate of 6.73%, costing about $759 monthly in principal and interest for a $100,000 loan.
The average interest rate for a 15-year fixed refinance mortgage is 5.84%, with a monthly payment of approximately $835 for a $100,000 borrowed.
Considerations for refinancing include comparing current rates, loan terms, and potential savings to determine if it's the right choice.
Factors like strong credit scores, debt-to-income ratio, and monitoring mortgage rates can help secure a lower rate during refinancing.
National average mortgage rates are expected to stay in the middle-to-high 6% range through the first half of 2025.
Economic indicators like inflation and unemployment rates can influence mortgage interest rates, guiding homeowners on the best time to refinance.