Mortgage refinance rates fell again today. The 30-year fixed dropped to 6.68%, with $644 monthly payments on a $100K loan. 15- and 20-year rates also declined.
Mortgage refinance rates dipped again today, giving homeowners a fresh opportunity to lock in lower monthly payments. According to the Mortgage Research Center, the average rate for a 30-year fixed refinance loan fell to 6.68%, a 2.51% drop from last week, as reported by Forbes.
The Annual Percentage Rate (APR)—which includes fees and other costs—also declined to 6.71%, down from 6.88% the previous week.
At this rate, refinancing a $100,000 loan over 30 years would result in monthly payments of approximately $644 (principal and interest). Over the full term of the loan, the total interest paid would amount to around $132,443.
Shorter-Term Refinance Rates Also Decline
- 20-year fixed refinance rate: Now at 6.46%, down from 6.66%.
- APR: 6.5%, down from 6.69%
- Monthly payment: $743
- Total interest: $78,895
- 15-year fixed refinance rate: Now at 5.6%, down from 5.76%.
- APR: 5.64%, down from 5.8%
- Monthly payment: $822
- Total interest: $48,435
Jumbo Loan Rates See Modest Drop
Refinancing rates for jumbo loans—those exceeding $806,500—also moved lower:
- 30-year jumbo refinance rate: 7%, down from 7.11%
- Monthly payment on $100,000: $666
- 15-year jumbo refinance rate: 6.3%, a 2.45% drop from last week
- Monthly payment: $860
- Total interest: $55,073
With rates sliding across the board, now may be a smart time for homeowners to reassess their mortgage terms and explore potential savings through refinancing.
