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\n Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.\n<\/p>\n
Mortgage refinance rates remained unchanged today.<\/p>\n
The current 30-year, fixed-rate mortgage refinance rate is averaging 6.82%, according to Bankrate, while 15-year, fixed-rate refinance mortgages average of 6.22%. For 20-year mortgage refinances, the average rate is 6.90%. For a 5\/1 adjustable-rate mortgage, the average rate is 5.38%.<\/p>\n
Related:<\/strong> Compare Current Refinance Rates<\/a><\/p>\n The current 30-year, fixed-rate mortgage refinance is averaging 6.82%, compared to 6.76% last week and the 52-week low of 6.50%.<\/p>\n The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.83%, compared to 6.77% last week. The APR is the all-in cost of a home loan\u2014the interest rate including any fees or extra costs.<\/p>\n At the current interest rate of 6.82%, borrowers with a 30-year, fixed-rate mortgage of $300,000 will pay $1,960 per month for principal and interest, according to the Forbes Advisor mortgage calculator<\/a>. That doesn\u2019t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $405,519.<\/p>\n The average interest rate on the 20-year fixed refinance mortgage is 6.90%. This same time last week, the 20-year fixed-rate mortgage was at 6.72%.<\/p>\n The APR on a 20-year fixed is 6.92%. Last week, it was 6.73%.<\/p>\n A 20-year fixed-rate mortgage refinance of $300,000 with today\u2019s interest rate of 6.90% will cost $2,308 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $253,902 in total interest.<\/p>\n The 15-year fixed mortgage refinance is currently averaging about 6.22%. That\u2019s compared to the average of 6.13% at this time last week and the 52-week low of 5.86%.<\/p>\n The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.24% versus 6.15% at this time last week.<\/p>\n At the current interest rate of 6.22%, a borrower using a 15-year, fixed-rate mortgage refinance of $300,000 would pay $2,567 per month in principal and interest. That doesn\u2019t include taxes and fees. That borrower would pay roughly $162,126 in total interest over the 15-year life of the loan.<\/p>\n The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 6.86%. Last week, the average rate was 6.80%. The 52-week low is 6.51%.<\/p>\n Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today\u2019s interest rate of 6.86% will pay $4,919 per month in principal and interest on a $750,000 loan.<\/p>\n A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.27%, compared to an average of 6.21% last week and the 52-week low of 5.86%.<\/p>\n At today\u2019s rate of 6.27%, a borrower would pay $6,439 per month in principal and interest per $750,000 for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $408,993 in total interest.<\/p>\n The average interest rate for a 5\/1 ARM<\/a> is currently 5.38%. That\u2019s compared to the 52-week low of 5.33% and the average rate at this time last week of 5.33%.<\/p>\n The current average rate on a 30-year VA refinance loan is 6.19% compared to 6.07% the week prior.<\/p>\n The 52-week high for a 30-year VA refinance loan was 6.78% and the 52-week low was 5.92%.<\/p>\n There are lots of good reasons to \u00a0refinance your mortgage<\/a>, but for most homeowners, it comes down to lowering the interest rate, reducing monthly payments or paying off the loan more quickly. Refinancing can also allow you to tap some of your home\u2019s equity or eliminate private mortgage insurance<\/a> (PMI).<\/p>\n It\u2019s important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time. It can be helpful to calculate the \u201cbreak-even point\u201d for a potential refinance\u2014to see how long it will take for savings from the new mortgage to outweigh closing costs. Try to find out what those fees will be and divide them by the monthly savings from the new mortgage.<\/p>\n Check out our mortgage refinance calculator<\/a> to help you decide if this is a good time to refinance.<\/p>\n Just 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\u2019s what you should be doing get a good mortgage rate<\/a>:<\/p>\n 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\u2019t 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\u2019s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.<\/p>\n \t<\/p>\nRefinance Rates for January 3, 2023<\/h2>\n
30-Year Fixed Refinance Interest Rates<\/h2>\n
20-Year Refinance Rates<\/h2>\n
15-Year Fixed-Rate Mortgage Refinance Rates<\/h2>\n
30-Year Jumbo Mortgage Refinance Rates<\/h2>\n
15-Year Jumbo Mortgage Refinance Rates<\/h2>\n
5\/1 ARM Interest Rates<\/h2>\n
VA Refinance Rates<\/h2>\n
When You Should Refinance Your Home<\/h2>\n
How to Qualify for Today\u2019s Best Refinance Rates<\/h2>\n
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\n\t\tFrequently Asked Questions (FAQs)\t<\/h2>\n