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Frequently Asked Questions
Here are the average annual percentage rates (APR) on 30- and 15-year fixed mortgage refinances and 5/1 ARM refinances: The average APR for a 30-year fixed refinance loan increased to 6.85% from 6.77% yesterday. This time last week, the 30-year fixed APR was 6.72%. Meanwhile, the average APR on a 15-year fixed refinance mortgage is 6.20%.Are mortgage refinance rates lower now than a week ago?
The average 30-year fixed-refinance rate is 6.68 percent, up 8 basis points compared with a week ago. The average for a 15-year refi is currently running at 6.16 percent, up 13 basis points over the last week. The average rate for a 10-year fixed-refinance loan is 6.30 percent, up 17 basis points since the same time last week.Is it worth it to refinance a mortgage?
You should consider refinancing your mortgage if refinancing can lower your monthly mortgage payment by reducing your interest rate or increasing your loan term. Refinancing also can lower your long-run interest costs through a lower mortgage rate, shorter loan term or both. It also can help you get rid of mortgage insurance.How much has the average 30-year fixed mortgage refinance rate decreased in the last month?
What this means: Mortgage refinance rates fell across all terms today, with 20- and 30-year rates falling to 6.25%. Additionally, rates for 30-year terms, which tend to be the most popular, are at their lowest levels in 39 days.