Refinance rates move higher for Thursday
bbernard/Shutterstock
Several closely watched refinance rates rose today.
Nationwide averages on 30-year fixed and 15-year fixed refinances both climbed higher. The average rate on 10-year fixed refis, meanwhile, also floated higher.
RATE SEARCH: Compare refinancing rates in your area now.
30-year fixed refinance
The average 30-year fixed-refinance rate is 4.22 percent, up 15 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.54 percent.
At the current average rate, you’ll pay $490.19 per month in principal and interest for every $100,000 you borrow. That’s $0.15 higher compared with last week.
You can use Bankrate’s mortgage calculator to estimate your monthly payments and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed refinance
The 15-year fixed-refi average rate is now 3.34 percent, up 13 basis points over the last seven days.
Monthly payments on a 15-year fixed refinance at that rate will cost around $706 per $100,000 borrowed. That’s obviously much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.
10-year fixed refinance
The average rate for a 10-year fixed-refinance rate is 3.25 percent, up 12 basis points since the same time last week.
Monthly payments on a 10-year fixed-rate refi at 3.25 percent would cost $977.19 per month for every $100,000 you borrow. If you can manage that hefty monthly payment, you’ll enjoy even more interest cost savings than you would with a 15-year term.
Where rates are headed
To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.
RATE SEARCH: Want to see where rates are right now? See local mortgage rates.
Last updated 12/22/2016
0 Comments