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Mortgage Refinance Rates Today: March 11, 2025 – Rates Fall
- Today's mortgage refinance rates show a 6.7% rate for a 30-year fixed refinance, 5.63% for a 15-year, and 6.46% for a 20-year financed mortgage.
- For a 30-year fixed refinance mortgage of $100,000 at 6.7%, the monthly payment for principal and interest is $645, with total interest costs of about $132,300 over the loan life.
- The APR for a 30-year fixed-rate mortgage is 6.73%, and for a 20-year fixed, it is 6.5%.
- A 20-year fixed-rate mortgage refinance of $100,000 at today's 6.46% rate would cost $743 per month in principal and interest.
- The average interest rate for a 15-year fixed mortgage refinance stands at 5.63%, with an APR of 5.68%.
- Refinancing from a government-backed loan to a conventional loan with 20% equity can help avoid mortgage insurance premiums.
- When considering refinancing, it's essential to calculate the break-even point to determine if the savings will surpass the closing costs.
- It is advisable to have a strategy to secure the lowest rate when refinancing, including maintaining a strong credit score and comparing mortgage rates regularly.
- Current refinance rates are higher compared to purchase rates, with options to reduce rates by paying closing costs upfront or buying discount points.
- Factors to consider when refinancing include improving interest rates, shortening loan terms, reducing monthly payments, or accessing home equity.
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