Use our calculator to see estimated rates today for mortgage and refinance loans based on your specific needs.
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Current Mortgage and Refinance Rates.
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 2.875% | 2.986% |
| 30-Year Fixed-Rate VA | 2.25% | 2.474% |
| 20-Year Fixed Rate | 2.75% | 2.866% |
| 15-Year Fixed Rate | 2.25% | 2.415% |
Current Mortgage Refinance Rates
The average 30-year fixed-rate refinance currently sits at: 3.14% 15-year refinance rate: 2.44% 10-year fixed refinance rates are averaging 2.37%
One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance.
Mortgage refinancing is not always the best idea, even when mortgage rates are low and friends and colleagues are talking about who snagged the lowest interest rate. This is because refinancing a mortgage can be time-consuming, expensive at closing, and will result in the lender pulling your credit score.
The homeowner with a lower current mortgage balance may need the 2 percent rate savings to have a refinance make sense. Homeowners with larger mortgage balances could achieve sufficient cost savings with a 1.5 or 1 percent rate drop.
As one of the most prolific mortgage lenders in the U.S., Chase is a good option for many home buyers. There are plenty of loan options to choose from and in general, the bank offers competitive rates. You can prequalify and apply online, or meet in person or speak on the phone.
Current mortgage refinance rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 3.070% | 3.290% |
| 20-Year Fixed Rate | 2.960% | 3.150% |
| 15-Year Fixed Rate | 2.350% | 2.650% |
| 10/1 ARM Rate | 3.550% | 4.120% |
Saving $100 per month, it would take you 40 months — more than 3 years — to recoup your closing costs. So a refinance might be worth it if you plan to stay in the home for 4 years or more. But if not, refinancing would likely cost you more than you'd save. ... Negotiate with your lender a no closing cost refinance.
Taking on new debt typically causes your credit score to dip, but because refinancing replaces an existing loan with another of roughly the same amount, its impact on your credit score is minimal.
One of the first reasons to avoid refinancing is that it takes too much time for you to recoup the new loan's closing costs. This time is known as the break-even period or the number of months to reach the point when you start saving. At the end of the break-even period, you fully offset the costs of refinancing.
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