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Refinance rates for Thursday, July 21

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Refinance rates mostly inched up today. The average rate on 30-year fixed refinances fell, the average rate on 15-year refinances rose and the average rate on 10-year refinances rose.

While rates on mortgage refinances change daily, overall, they are currently near historical lows. Be sure to shop around for the best refinance rates.

30-year fixed refi

The average 30-year fixed-rate refi is 3.44%, down 5 basis points from a week ago.

At the current average rate, you’ll pay about $446 per month in principal and interest for every $100,000 you borrow.

You can use this mortgage calculator to estimate your monthly payments and see the effect of adding extra payments.

It will also help you calculate how much interest you’ll pay over the life of the loan.

Last updated: 7/21/2016

15-year fixed refi

The average 15-year fixed-rate refi is 2.72%, up 4 basis points from a week ago.

Remember, shorter-term loans come with a trade-off. You’ll pay more per month, but you’ll also save thousands of dollars over the life of the loan.

For example, monthly payments on a 2.72%, 15-year loan would cost around $677 for every $100,000 borrowed.

Over a 15-year term, the total interest payments would be around $21,895. That’s about $38,558 less than what you’d pay in interest with a 30-year loan at today’s rate.

10-year fixed refi

The average 10-year fixed-rate refi is 2.7%, up 4 basis points from a week ago.

Monthly payments on a 10-year fixed-rate refi at 2.7% would cost about $952 per month. And you’d only pay around $14,219 in interest over the life of the loan.

But keep in mind that refinancing is all about the numbers. It makes sense when you can reduce the costs of the loan.

Use this mortgage refinance calculator to see if you’ll save by refinancing.

Refinancing activity keeps rising

More homeowners are refinancing. The share of refinance activity was 64.2% for the week ending July 15. That’s compared with 64% a week earlier, according to the Mortgage Bankers Association.

Follow me on Twitter: @MitchStrohm

You will see these rates listed on Bankrate site averages; these calculations are run after the close of the business day. Included there are rates and/or yields we have collected on the previous day for a specific banking product.

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