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Refinance rates retreat for Tuesday

Bankrate logo Bankrate 7/23/2019 Adrian D. Garcia
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Multiple closely watched refinance rates fell today.

Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down. The average rate on 10-year fixed refis, meanwhile, also declined.

Refinancing rates change daily, but they have remained in a historically low range for quite some time. If you’re in the market to refinance, it may make sense to lock if you see a rate you like.

Compare refinancing rates in your area now.

30-year fixed refinance

The average 30-year fixed-refinance rate is 3.81 percent, down 4 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.91 percent.

At the current average rate, you’ll pay $466.53 per month in principal and interest for every $100,000 you borrow. That’s lower by $2.28 than it would have been last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed refinance

The average rate for a 15-year fixed refi is 3.21 percent, down 4 basis points over the last seven days.

Monthly payments on a 15-year fixed refinance at that rate will cost around $701 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, 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 more quickly.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.20 percent, down 1 basis points since the same time last week.

Monthly payments on a 10-year fixed-rate refi at 3.20 percent would cost $975.33 per month for every $100,000 you borrow. That’s a lot more than the monthly payment on even a 15-year refinance, but in return you’ll pay even less in interest than you would with a 15-year term.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? See local mortgage rates.

Average mortgage rates
ProductRateChangeLast week
30-year fixed refi3.81%-0.043.85%
15-year fixed refi3.21%-0.043.25%
10-year fixed refi3.20%-0.013.21%

Last updated July 22, 2019.

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”

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