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Thirty-Year Mortgage Refi Rate Slips

Navi Persaud
Apr 24, 2020
Percent symbol. Credit: iStock.com/MicroStockHub

The latest numbers from Bankrate suggests that 30-year fixed-rate mortgage refinance rate has dipped. Though, the 15-year fixed-rate increased and the 10-year fixed-rate remained stagnant over the past week.
 
The average 30-year fixed-rate refinance rate is now at 3.61%, down from 3.88% a month ago. It is down seven basis points over the last week. Meanwhile, the 15-year increased seven basis points from the last week and sits at 3.25%.
 
"Monthly payments on a 15-year fixed refinance at that rate will cost around $699 per $100,000 borrowed," according to Bankrate. "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."
 
Market volatility has made it increasingly difficult to decipher where rates will head next as they have been directly effected by the COVID-19 pandemic. 

 

 
 
 
 
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