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Today’s Refinance Rates: December 5, 2024—Rates Decrease
- Today’s average refinance rates are showing a decline in the 30-year fixed rate.
- The latest average rate for a 30-year fixed mortage refinance rate is at 7.21%.
- Interest rates for 15 and 20-year fixed rate mortage refinances average at 6.28% and 7.02% respectively.
- A borrower paying on a 30-year fixed-rate mortgage refinance of $100,000 can expect to pay $679 per month on principal and interest at the current interest rate.
- Borrowers can expect to rack up total interest costs of about $144,534 over the life of the loan.
- Refinancing a mortgage usually requires 2% to 6% of the loan amount in closing costs.
- Uses for refinancing a mortgage include lowering interest rates, achieving more affordable monthly payments and accessing your home’s equity.
- Closing costs can impact whether refinancing is worthwhile. A “break-even point” calculation allows you to determine how long savings from a new mortgage take to surpass any closing costs.
- Homeowners with good credit scores and loan-to-income ratios are more likely to acquire lower refinance rates.
- Borrowers should check interest rates frequently and consider shorter term loans to receive the most affordable interest rates.
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