Reviewed Reviewed Published: Apr 1, 2024, 4:01am The rate on a 30-year fixed refinance fell today. The average rate for refinancing a 30-year fixed mortgage is currently 7.36%, according to Curinos. For refinancing a 15-year mortgage, the average rate is 6.53%, and for 20-year mortgages, it’s 7.20%. Refinance Rates for April 1, 2024 30-Year Fixed Refinance Interest Rates Today, the average rate for the 30-year fixed-rate mortgage refinance dropped to 7.36% from yesterday. Last week, the 30-year fixed was 7.37%. The APR, or annual percentage rate, on a 30-year fixed is 7.41%. This time last week, it was 7.40%. is the all-in cost of your loan. According to the Forbes Advisor , borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $689 per month in principal and interest (not accounting for taxes and fees) at the current interest rate of 7.36%. In total interest, you’d pay $148,177 over the life of the loan. 20-Year Refinance Interest Rates For a 20-year fixed refinance mortgage, the average interest rate is currently 7.20% compared to 7.20% at this time last week. The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.23%. That compares to 7.26% at the same time last week. At today’s interest rate of 7.20%, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $787 per month in principal and interest—not including taxes and fees. That would equal about $88,978 in total interest over the life of the loan. 15-Year Refinance Interest Rates The 15-year fixed mortgage refinance is currently averaging about 6.53%. That’s compared to the average of 6.54% at this time last week. The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.53% versus 6.53% at this time last week. At the current interest rate of 6.53%, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $872 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $57,047 in total interest over the 15-year life of the loan. 30-Year Jumbo Refinance Interest Rates The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 7.38%. One week ago, the average rate was 7.38%. Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 7.38% will pay $691 per month in principal and interest per $100,000. 15-Year Jumbo Refinance Interest Rates A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 7.06%, compared to an average of 7.01% last week. At today’s rate of 7.06%, a borrower would pay $902 per month in principal and interest per $100,000 for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $467,800 in total interest. Are Refinance Rates and Mortgage Rates the Same? No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity. The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense. When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms. When You Should Refinance Your Home can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home’s equity or get rid of (PMI). But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you’ll be keeping your home for some time. You can determine the “break-even point” for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you’ll realize with the new mortgage. The Forbes Advisor can help you run the numbers to see if it’s a good time for you to refinance. Is Now a Good Time To Refinance? Refinancing your mortgage can be worth it for reasons that include: Lenders offer multiple to help you quickly compare your potential rate and monthly payment. Refinancing can also provide more repayment flexibility.Now isn’t a good time to refinance if you cannot get a smaller monthly payment or the closing costs offset the potential benefits of having a new rate and term.How To Qualify for Today’s Best Refinance RatesJust like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing : There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other financial institutions are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates. Frequently Asked Questions (FAQs) It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender. In many cases, you can refinance a mortgage as soon as six months after you start paying it down, although some lenders insist that you wait 12 months. You should ask your lender to be sure. Our guide to the is a good starting point, but make sure you compare multiple lenders and get more than one quote. It’s always a good idea to find out the closing costs lenders charge, and also to make sure you can communicate easily with your lender. Conditions in the housing market change frequently, so being able to depend on your lender is crucial.