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The rate on a 30-year fixed refinance increased today.

The average rate on a 30-year fixed mortgage is 5.41%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.64%. The average rate on a 20-year refinance loan is 5.35%, and the average rate on a 5/1 ARM is 3.76%.

Related: Compare Current Refinance Rates

30-Year Fixed Refinance Interest Rates

Today, the average rate for the 30-year fixed-rate mortgage refinance inched up to 5.41%. One week ago, the 30-year fixed was 5.30%. The 52-week high is 5.62%.

On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 5.42%, higher than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

At an interest rate of 5.41%, a 30-year fixed mortgage refi would cost $562 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $102,376 over the life of the loan..

20-Year Fixed-Rate Mortgage Refinance Rates

The average interest rate on the 20-year fixed refinance mortgage is 5.35%. Last week, the 20-year fixed-rate mortgage was at 5.30%.

The APR on a 20-year fixed is 5.37%. This time last week, it was 5.32%.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate of 5.35% will cost $679 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $63,066 in total interest.

15-Year Mortgage Refinance Rate

The average interest rate on the 15-year fixed refinance mortgage is 4.64%. One week ago, the 15-year fixed-rate mortgage was at 4.61%. Today’s rate is higher than the 52-week low of 3.69%.

On a 15-year fixed refinance, the annual percentage rate is 4.66%. Last week it was 4.63%.

With an interest rate of 4.64%, you would pay $772 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $38,990 in total interest.

30-Year Jumbo Mortgage Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 5.42%. Last week, the average rate was 5.28%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.49%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 5.42% will pay $563 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $563, and you’d pay around $102,601 in total interest over the life of the loan.

15-Year Jumbo Mortgage Refinance Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance increased to 4.69%. Last week, the average rate was 4.59%. The 15-year fixed rate on a jumbo mortgage is higher than to the 52-week low of 3.72%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 4.69% will pay $775 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $5,811, and you’d pay around $295,898 in total interest over the life of the loan.

5/1 ARM Interest Rates

The average interest rate on a 5/1 ARM is 3.76%, higher than the 52-week low of 2.83%. Last week, the average rate was 4.85%.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 3.76% will pay $464 per month in principal and interest.

Know When to Refinance Your Home

You may want to refinance your home mortgage, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home’s equity for other financial needs, like a remodeling project or to pay for your child’s college. If you’ve been paying private mortgage insurance (PMI), refinancing also may give you the opportunity to ditch that cost.

Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment.

Our mortgage refinance calculator could help you determine if refinancing is right for you.

How To Get Today’s Best Refinance Rates

Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:

  • Maintain a good credit score
  • Consider a shorter-term loan
  • Lower your debt-to-income ratio
  • Monitor mortgage rates

A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.

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