The average 15-year fixed refinance rate is 6.01%, slightly lower than it was last week. 15-year Fixed Refinance Rates Go Down (-0.03%) But it's up from this time last month, when it was 5.94%.Ī 6.68% rate on a 20-year term will result in a $756 monthly payment toward principal and interest for every $100,000 you borrow. The current 20-year fixed refinance rate is 6.68%, which is higher than it was last week.
20-year Fixed Refinance Rates Soar (+0.22%) Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term. Here's how a 6.66% rate would affect your monthly payments: You'd pay $643 toward principal and interest for every $100,000 borrowed. It's also decreased a little since this time in May when the rate was 6.70%. The average 30-year refinance rate is 6.66%, down since last weekend. Mortgage Refinance Rates 30-year Fixed Refinance Rates Drop (-0.20%) With a 5.79% rate, your monthly payment would be $586 toward principal and interest for every $100,000 you borrow. The current VA mortgage rate is 5.79%, a slight increase from this time last week. You'll need a 3.5% down payment and 580 credit score to qualify. It's also decreased since this time in May when the rate was 6.25%.Īt 5.79%, you would pay $586 monthly toward principal and interest for every $100,000 borrowed.įHA mortgages are good choices if you don't qualify for a conforming mortgage. The average 30-year FHA interest rate is 5.79% today, which is down from last week. Here's how a 6.49% rate would affect you for the first five years: You'd pay $631 per month toward principal and interest for every $100,000 you borrow. The average 5/1 ARM rate is 6.49%, an increase from last weekend. After that, your payment would increase or decrease annually depending on the new rate. They were lower at 6.17% this time last month.Īt 6.54%, your monthly payment would be $635 toward principal and interest for every $100,000 borrowed - but only for the first seven years. The 7/1 adjustable mortgage rate is up more significantly since last week, currently at 6.54%. However, you'll have a higher monthly payment than you would with a longer term. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. With a 5.78% rate on a 15-year term, you'll pay $832 each month toward principal and interest for every $100,000 borrowed. The average 15-year fixed mortgage rate is 5.78%, an increase from last week. 15-year Fixed Mortgage Rates Go Up (+0.10%) With a 6.25% rate on a 20-year term, your monthly payment will be $731 toward principal and interest for every $100,000 borrowed.Ī 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option. This time in May, the rate was lower at 5.97%. The average 20-year fixed mortgage rate is up from last weekend and sits at 6.25%. 20-year Fixed Mortgage Rates Increase (+0.18%) With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan. The 30-year fixed-rate mortgage is the most common type of home loan. A month ago, the rate was even lower at 6.38%.Īt 6.47%, you'll pay $630 monthly toward principal and interest for every $100,000 you borrow. The current average 30-year fixed mortgage rate 6.47%, up three basis points since this time last week. Mortgage Rates for Buying a Home 30-year Fixed Mortgage Rates Inch Up (+0.03%)
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